a. (15 points) One of his old high school friends, Aye, called him this morning. She is a medical student and trying to learn about investing in the stock market. She is puzzled by the lack of market reaction to the merger announcement of The Monsters Inc. with The Incredibles Inc.. These two companies have been negotiating the terms of their merger for the last month and a half. Since this merger is good news for both companies, Aye expected a significant increase in their stock prices immediately after the merger announcement. However, nothing happened to the stock prices of these companies afte the announcement, and she cannot reconcile this evidence with the market efficiency. Considering what the stock price react to in an announcement, briefly explain to Aye why there may not be any change in stock prices of these companies after the merger announcement in an informationally efficient market. b.(15 points) Mert follows the Minions Corporation, a producer of world-class jams, as a security analyst. The Minions Corp. shares trade on Borsa Istanbul. Friday at 16:00, Mert attended a press conference held by Minions Corp. The company executives announced that the Minions Corp. introduces the dry-figs jam with walnuts, a favorite of locals, this week. This news is taken positively by all the security analysts in the press conference. Mert immediately called his boss after the press conference with the news. Before the press conference, The Minion Corp shares were trading in the market for $15 per share, and Mert's boss purchased 10,000 shares of the Minions Corp at that price. On Monday morning, the price of the Minion Corp shares increased to $20 per share and then decreased to $18 by the end of the week. During that week, no other information about the company or the economy came to the market. Given this price movement over the week after the announcement, briefly discuss the level of efficiency Borsa stanbul should have