a$)$ Outline the three forms of the Efficient Markets Hypothesis $($EMH$).[3$ marks$]$

$($b$)$ Explain the implications of the following factors and tests on market efficiency

$($i$)$ Trading costs,

$($ii$)$ Market liquidity

$($iii$)$ Chaos theory

$($iv$)$ Price$-$volume relationship

$($v$)$ Event studies $[10$ marks$]$

$($c$)$ explain how you would expect each of the above factors and tests in $($b$)$ to differ on the NYSE, JSE and LuSE. $[3$ marks$]$