1. Mahmoud is a financial analyst who has been conducting research to understand the efficiency of financial markets in two countries. His findings about these countries markets are as follows
   • Country A: Bloomberg provides all information needed about stocks this financial market. But Mahmoud was not able to find any potential to make abnormal returns on this stock market

• Country B: information is widely available about financial markets, but Mahmoud obtained some exclusive information from one of his old HCT friends who is the CEO of a large listed company that he met at a dinner party, but Mahmoud could not turn into any abnormal returns when he traded on the stock

Analyze Mahmouds findings and indicate which form of market efficiency is observed in each one these stock markets