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Fama (1970) defines three categories of market efficiency. How would you categorise the efficiency of the Australian market for equities? Provide a compelling argument for

Fama (1970) defines three categories of market efficiency. How would you categorise the efficiency of the Australian market for equities? Provide a compelling argument for your categorisation. How would you test your categorisation? How might different Australian equities exhibit different levels of pricing efficiency?

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