Question 20

An analyst engaging in fundamental analysis is most likely to enjoy supernormal profits in which of the following markets?

Semi-strong form efficient.

Strong form efficient.

Weak form efficient.

Arbitrage market

Question 21

20 Points

The Business Roundtable, an association of chief executive officers (CEOs) of America's leading companies, redefine the purpose of a corporation by pledging among others, the following:

[W]e share a fundamental commitment to all of our stakeholders. We commit to [...] deliver value to all of them, for the future success of our companies, our communities and our country.

Business Roundtable Statement on the Purpose of a Corporation, August 19, 2019.

Using relevant literature, discuss whether the pursuit of stakeholder interest undermines shareholder wealth maximisation.