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4. In 1986 and 1987 several high-profile insider trading scandals were exposed. a. Is successful insider trading consistent with the three forms of market efficiency?

4. In 1986 and 1987 several high-profile insider trading scandals were exposed.

a. Is successful insider trading consistent with the three forms of market efficiency? Explain.

b. Play the role of devil's advocate and present a case outlining the benefits to financial markets of insider trading.

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