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Value. You analyzed the returns of a sample of stocks. You found that, on average, the firms with high E/P ratios have higher subsequent returns.

Value. You analyzed the returns of a sample of stocks. You found that, on average, the firms with high E/P ratios have higher subsequent returns. (i) Discuss an explanation for this pattern that is consistent with the EMH. (ii) Discuss an explanation that is not consistent with the EMH. (A couple sentences per part.)

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