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Please comment the following statement. Explain your argument if you do not agree. (1) Proponents of the EMH typically advocate active trading strategy. (2) The

Please comment the following statement. Explain your argument if you do not agree.

(1) Proponents of the EMH typically advocate active trading strategy.

(2) The Food and Drug Administration (FDA) just announced yesterday that they would approve a new cancer-fighting drug from King. You observe that King had an abnormal return of 0% yesterday. This suggests that the market is not efficient.

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