According to Eugene Fama, the stock market is an efficient market that can reflect all the publicly available and private information.

a$.$ Critically evaluate the debate between Efficient Market Hypothesis $($definition$,$ assumptions, arguments and applications in the stock market$)$ and behavioural finance $($market anomalies: herding, January effect, etc$).$

You are required to cite some latest studies from $2019$ to $2024$ from Google Scholar.

$(30$ marks$)$

b$.$ Critically evaluate the differences, advantages and disadvantages between operational and information efficiency.