What is the essential aspect of assessing portfolio performance using an asset pricing model? Explain your answer in details.      


b. CBC Corporation is a listed construction company in Australia and it is classified as a large cap company by ASX. On 31st December 2019 (assuming it is a trading day), it signed a $915 million contract to undertake a large construction project in Melbourne. The new contract is expected to increase the profits of the business by a substantial amount over the next 5 years. The news of the contract was announced publicly on 2nd January 2020 (assuming it is a trading day). How would the share price of CBC Corporation adjust to the formal announcement on 2nd January 2020 assuming the Australian stock market is in the form of semi-strong efficiency? How would the share price of CBC Corporation adjust to the formal announcement on 2nd January assuming the Australian stock market is in the form of strong efficiency?