Market efficiency is a myth but no other competing models are sufficient to replace the theory of stock market efficiency proposed by Fama (1970). (a) Discuss the different forms of the efficient market hypothesis (EMH). Critically assess the implications of market efficiency to corporate financial managers and shareholders. (20 marks) (a) Briefly explain the following terms in the financial markets: (i) operational efficiency istep? (ii) informational efficiency sle? (b) Discuss the different forms of the efficient market hypothesis and their implications. (c) The efficient market hypothesis has some well-documented anomalies. Using examples and empirical studies, critically evaluate three anomalies. QUESTION FIVE Using existing real life and evidence and academic research, critically examine the validity of efficient market hypothesis