17. Recent developments in behavioral economics and finance have: a. Reinforced the Markowitz and Sharpe models that investors react rationally and that markets are efficient; b. Determined that investor behavior can be categorized according to levels of investor education and age in terms of their degree of rational behaviors; c. Supported all the findings of the Efficient Market Hypotheses including Weak Form Hypothesis, Semi Strong Hypothesis and Strong Form Hypothesis; d. Challenged findings that markets are efficient and investors act rationally per studies finding that individuals demonstrate psychological biases providing possible opportunities to achieve superior market returns;