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Critically discuss both the market efficiency and market inefficiency based explanations to why we have been observing high book-to-market (BM) firmsoutperforming low BM ones. Make

Critically discuss both the market efficiency and market inefficiency based explanations to why we have been observing high book-to-market (BM) firmsoutperforming low BM ones. Make sure you include the empirical findings in support of either the market efficiency based argument or the market inefficiency based

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