Several portfolio managers picked securities based on book-to-market ratio. None of them generated above average return for investors. Does it mean the market is efficient or inefficient and in what form? Explain why. (5 points) 8. Which equity funds are most tax-efficient? Explain why. Give two examples of such funds. (4 points) 9 Pandemic has caused higher unemployment rate and lower growth in GDP. Federal Reserve wants to buy more 1-year and 10-year Treasury securities and sell 5-year Treasury securities to stimulate the economy. What would be shape of Treasury yield curve as a result of this move by Fed? Explain this yield curve using appropriate theory of term structure. (8 points) 000 F F10 $