The Efficient Markets Hypothesis (EMH) has historically been one of the main theories used in academic finance research. It deals with one of the most fundamental and exciting issues in finance - why prices change in security markets and how those changes take place. It also has very important implications for investors as well as for financial managers. A. Briefly explain the concept of an Efficient Markets Hypothesis (EMH). (2 marks) B. Explain the THREE (3) forms of the Efficient Markets Hypothesis. (9 marks) C. Explain TWO (2) major roles or responsibilities of portfolio managers in an efficient market environment. (4 marks) D. Briefly discuss what the EMH implies for the use of technical analysis and fundamental analysis. ( 7 marks)