Describe the three forms of market efficiency. (b) List the reasons, with brief explanations, why it is difficult to assess empirically whether or not the market is efficient. At the quarterly meeting of the FinRisk Investment Club, four members are making proposals for new equity investment for the club. Adjoa wants to buy shares in Fife Adventures, claiming that they have performed poorly in recent weeks and are due an upturn. Asante wants to invest in Hotel-Swipes. They have recruited a new head of marketing, who has had successes at other companies. Asante feels that this new appointment will have a positive effect on the firm. Madame selects shares at random. This quarter she is recommending the club buy into odor Rice PLC. Aqua wants the club to buy shares in Gold Digger Plc. Her brother works for a major gold exchange and has insider information that Gold Digger Plcs (GD) shares will rise sharply in the near future, when it is announced that his company has appointed Gold Digger Plcs as its Investment advisor of choice. (c) For each club member, describe how their share selection strategy would work in strongly efficient, semi-strongly efficient, weakly efficient and inefficient markets