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5(b) Subrahmanyam (2007) writes in support of Behavioural Finance, Overall, the evidence in favour of inefficient financial markets is far more compelling than that in

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5(b) Subrahmanyam (2007) writes in support of Behavioural Finance, "Overall, the evidence in favour of inefficient financial markets is far more compelling than that in favour of efficient ones". What contribution does Behavioural Finance make to our understanding of investor behaviour? Discuss (8 marks) (Source: Subrahmanyam A (2007)*Behavioural Finance: A Review and Synthesis European Financial Management) [Total Marks 20)

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