Follow the subparts below for a guided discussion on value stocks. a. What is the definition of a value stock? b. If markets are semi-strong form efficient, do value stocks affirm or contradict the CAPM? Be specific about the relationship between the theory's predictions and what we observe in the historical data. Hint: think about the betas. c. What is a rational explanation for the expected returns on value stocks? d. What is a behavioral/irrational explanation for the expected returns on value stocks? e. How does your belief in the rational vs behavioral explanation affect whether or not you should deviate from the market portfolio and purchase value stocks in your personal portfolio? For simplicity, assume that value stocks will continue to behave the way they have historically. Ignore limits to arbitrage concerns