Briefly explain the pattern of buying and selling that is illustrated in the table below. 1. What is the pattern called and why? 2. Why is this pattern inconsistent with market efficiency? 3. What is the most prominent behavioural explanation? 4. How could this help explain the momentum pattern? 5. How can you invest to take advantage of this anomalous pattern? Table I PGR and PLR for the Entire Data Set This table compares the aggregate Proportion of Gains Realized (PGR) to the aggregate Proportion of Losses Realized (PLR), where PGR is the number of realized gains divided by the number of realized gains plus the number of paper (unrealized) gains, and PLR is the number of realized losses divided by the number of realized losses plus the number of paper (unrealized) losses. Realized gains, paper gains, losses, and paper losses are aggregated over time (19871993) and across all accounts in the data set. PGR and PLR are reported for the entire year, for December only, and for January through November. For the entire year there are 13,883 realized gains, 79,658 paper gains, 11,990 realized losses, and 110,348 paper losses. For December there are 866 realized gains, 7,131 paper gains, 1,555 realized losses, and 10,604 paper losses The l-statistics test the null hypotheses that the differences in proportions are equal to zero assuming that all realized gains, paper gains, realized losses, and paper losses result from independent decisions