The detail information of two questions is shown in the following graph.

1. The following graph presents the price chart for Crown Resorts Limited (ASX:CWN) from 11 January 2019 to 11 April 2019. Crown Resorts Limited is one of Australia's largest gaming and entertainment groups. The green vertical lines represent two price sensitive events that occurred during this period (20 Feb 2019 and 9 April 2019). Crown Resorts Limited 14.00 13.50 13.00 Share price 12.50 12.00 11.50 11.00 2019-01-11 2019-01-31 2019-02-20 2019-03-12 2019-04-01 Date a.) On 20 Feb 2019, CWN released the half year results for the financial year of 18/19. What can you infer about the first half performance of CWN based on the share price movement and how does this relate to the efficient market hypothesis? b.) You are required to conduct further research to identify what occurred during the second event date in April 2019 that led to the depicted share price movements above. Provide explanations for the share price movements observed and comment on how this relates to the efficient market hypothesis. 2. The Efficient Market Hypothesis (EMH) posits that share prices reflect all available information. How does one's belief of market efficiency determine the type of active investment strategy that can be implemented? Discuss whether it is reasonable to expect markets to be efficient. Note: Present explanations for both sides of the argument (i.e. why markets may or may not be efficient) and what evidence is available to support these