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For each of the following empirical results, summarize why they challenge (any of the) the ecient market hypothesis. No more than 2 sentences each. 1)

For each of the following empirical results, summarize why they challenge (any of the) the ecient market hypothesis. No more than 2 sentences each. 1) The January eect 2) The size eect 3) Excess volatility 4) Value strategies

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