Efficient Market Hypothesis has and is still being an issue in modern investment and one of the main theories underpinning financial markets. Suppose you observed that high-level managers make superior returns on investments in their company's stock. Would this be a violation of weak-form market efficiency? Would it be a violation of strong-form market efficiency? [15 marks] 5. If the weak form of the efficient market hypothesis is valid, must the strong form also hold? Conversely, does the strong-form efficiency imply weak-form efficiency? [15 marks]