There are three levels of efficiency under the efficient market hypothesis (EMH), namely weak form, semi-strong form and strong form.

a) Describe a market anomaly that refutes the weak form of the EMH and discuss how to compute a return premium associated with the anomaly.

b) Describe how to conduct an event study. How would you to use it to evaluate earnings announcements and test if a market is semi-strong efficient?

c) Describe how to use corporate insiders' trades to test if a market is strong form efficient.