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(a) Explain the concept of the efficient market hypothesis. In your answer, discuss [TOTAL MARKS: 25) the various forms of market efficiency. Include in your

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(a) Explain the concept of the efficient market hypothesis. In your answer, discuss [TOTAL MARKS: 25) the various forms of market efficiency. Include in your discussion the information sets involved in each form and the relationships across information sets and across forms of market efficiency. Also discuss the implications for the various forms of market efficiency for the various types of securities' analysts. (10 marks)

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