Q. No. 3: Briefly explain the concept of Efficient Market Hypothesis, its assumptions and each of its three forms. Explain the term abnomal rate of retum. Which form of market efficieney cannot be tested empirically and why? (5 Marks) Q. No, 4(a): Following information is available regarding Refineries (Oil \& Gas Sector): You want to purchase the PARCO which is not traded on stock market. The company has earning per share of Rs 9 per share and has 00 million shares outstanding. Required: What is the market value of tne firm by using P/E ratio model? (4. Marks) Q. No. 4(b): Differentiate between top-dowit and bottom-up approaches of security valuation. What is P/E ratio? and how is it used in finsncial decision making (4) Marks) Q. No. 3: Briefly explain the concept of Efficient Market Hypothesis, its assumptions and each of its three forms. Explain the term abnomal rate of retum. Which form of market efficieney cannot be tested empirically and why? (5 Marks) Q. No, 4(a): Following information is available regarding Refineries (Oil \& Gas Sector): You want to purchase the PARCO which is not traded on stock market. The company has earning per share of Rs 9 per share and has 00 million shares outstanding. Required: What is the market value of tne firm by using P/E ratio model? (4. Marks) Q. No. 4(b): Differentiate between top-dowit and bottom-up approaches of security valuation. What is P/E ratio? and how is it used in finsncial decision making (4) Marks)