DUMBO Plc is a large Stock Exchange listed company. At the most recent board meeting, the directors of the company are discussed and agreed on a new growth strategy that would involve acquiring Stock Exchange listed companies which have undervalued shares. The companys directors are not convinced by claims that the stock market is efficient and believe that opportunities exist to buy companies cheaply. They therefore need to be guided on issues concerning the efficient market hypothesis. Required: (a) Explain the term efficient in the context of stock markets and discuss the different levels of stock market efficiency that may exist. [8 Marks] (b) Briefly discuss the role that financial analysts and investment managers may play in creating an efficient stock market. [6 Marks] (c) Discuss the evidence that exists to support the views of the directors of DUMBO Plc and advise them concerning the proposed strategy