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Question 2 a) Carefully explain the Fama's definition of weak form of market efficiency. 130] b) Discuss the filter rule test for market efficiency 30]

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Question 2 a) Carefully explain the Fama's definition of weak form of market efficiency. 130] b) Discuss the filter rule test for market efficiency 30] c) Explain the "day of the week" effect in stock market and suggest how it is possible to test for this type of calendar anomaly in stock market returns. 40] Question 3

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