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Please answer ASAP and i will leave a thumbs up!!! (a) (10 points) What is an anomaly to an asset pricing model? For example, explain

Please answer ASAP and i will leave a thumbs up!!!
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(a) (10 points) What is an anomaly to an asset pricing model? For example, explain what is pricing anomaly to CAPM associated with Book-to-market values. (b) (10 points) A friend of yours has dedicated his professional life to "hunting alpha". Recently he has identified an investment strategy with zero market risk exposure and positive CAPM alpha. Discuss what are the dangers investing with your friend? (c) (10 points) We know that SMB and HML risks present non-diversifiable risk to investors, i.e. E(HML)>0 and E(SMB)>0. Could you describe one story per factor providing rationale for this

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