: ihrd Thaler discussed the efficient market hypothesis sihg the lonowng ig 13) reproduced from Robert Shiller's research. GURE 12 FIGURE 13 o stock prices move too much? Long-term stock market price/earnings ratiors Stock prices Internet bubble 929 crash 30 2014 Present value of dividends 20 1970S slump Financial crisis 10 880 1900 1920 1940 1960 98 2000 1940 1960 1980 1880 1900 1920 A. What are the two components of the efficient market hypothesis as described by Thaler? B. How do the above graphs support/refute the first component? C. How do the above graphs support/refute the second component? D. Does Thaler believe that the Gordon Growth Model is effective in valuing equities? Why or