a. In studying the EMH, what did Fama and French conclude? Are there anomalies? If so how can these be explained?

b. Fama and French found that high book-to-market firms outperform low book-to-market firms even after adjusting for beta. What are the implications in terms of the EMH?

information: The efficient market hypothesis (EMH), a hypothesis that states that share prices reflect all information and consistent alpha generation is impossible. According to the EMH, stocks always trade at their fair value on exchanges, making it impossible for investors to purchase undervalued stocks or sell stocks for inflated prices