Mr Nikhil, please do not answer. I got your answer it was beautiful, thank you.

I need another answer on this question to combine! Thanks and please write at least 600 words

Q 4) Consider the following hypothetical statement from corporate managers Shareholders will punish the company when we have made bad capital budgeting decisions.

Based on your knowledge of market efficiency, as you will agree with the statement! Please justify your answer with theories and empirical evidence. The word count limit for answering this question is 800 words.