- Define the three forms of market efficiency in your own words.

- For each efficiency notion, describe a (hypothetical or real-world) situation where it fails.

- Discuss the empirical validity / plausibility of these three efficiency notions. (2-3 sentences for each efficiency type are sufficient.)

- Discuss a few forms of the behavioral bias investors may exhibit.

- Discuss what herd behavior means and how it affects asset prices in a manner not consistent with full investor rationality. Please provide stylized or real-world examples for herd-behavior in financial markets.