Question
6) Critically evaluate the following statement: If markets are semi-strong efficient, then CAPM alpha produced by an active fund manager can only be explained by
6) Critically evaluate the following statement: If markets are semi-strong efficient, then CAPM alpha produced by an active fund manager can only be explained by either random luck, fraud or insider activity. (25 pts)
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
6th Edition
0201538997, 978-0201538991
