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a) Is the U.S. stock market efficient? Discuss b) Explain what the small-firm-in-January effect is a capital market anomaly. c) Explain, with the aid of

a) Is the U.S. stock market efficient? Discuss

b) Explain what the small-firm-in-January effect is a capital market anomaly.

c) Explain, with the aid of a graph, the Kahneman and Tverskys prospect theory with regard to risk aversion and loss aversion.

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