1)The following is an excerpt from Piotroski (2000):

"Prior research (Rosenberg, Reid, and Lanstein [1984], Fama and French [1992], and Lakonishok, Shleifer, and Vishny [1994])shows that a portfolio of high BM firms outperforms a portfolio of low BM firms. Such strong return performance has been attributed to both market efficiency and market inefficiency."

Critically discuss both the market efficiency and market inefficiency based explanations to why we have been observing high book-to-market (BM) firms outperforming low BM ones. Make sure you include the empirical findings in support of either the market efficiency based argument or the market inefficiency based arguments

Link to Piotroski (2000):

https://www.jstor.org/st able/2672906?seq=4#metadata_info_tab_contents