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2 A. What do we mean when we say that capital markets are efficient? (3 marks) B. What are the implications if capital markets are

2 A. What do we mean when we say that capital markets are efficient? (3 marks) B. What are the implications if capital markets are not efficient? (3 marks) C. What factors contribute to an efficient market? (5 marks) D. Explain the THREE (3) sub-hypotheses of the Efficient Hypotheses and discuss the implications of each of them. (9 marks) (Total 20 marks)

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