3. You analyzed the returns of a sample of stocks. You found that, on average, the firms with high E/P (earning/price) ratios have higher subsequent returns. (i) Discuss an explanation for this pattern that is consistent with the EMri. (ii) Discuss an explanation that is not consistent with the EMH. (iii) If mispricing is the primary reason for this pattern of E/P ratios, what long-short trading strategy will you propose? Justify your proposed strategy