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Question 3 At 7 a.m., you read in today's Wall Street Journal that Exxon has discovered larger new oil reserves in Montana. a. If markets

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Question 3 At 7 a.m., you read in today's Wall Street Journal that Exxon has discovered larger new oil reserves in Montana. a. If markets are efficient, what would you do to profit from Exxon's discovery? (25 marks) b. If you believe that many market participants are noise trades who overreact to news, what would you do? (25 marks)

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