$27.$ Describe how the Arbitrage Pricing Theory $($APT$)$ differs from CAPM.

$28.$ Differentiate between the weak, semi$-$strong, and strong forms of the EMH.

$29.$ An investor holds on to stocks that are down from the purchase price in the hopes that they will recover. Which behavioral characteristic is the basis for this investor's decision$-$making?

$30.$ Why does an actively managed fund underperform a passively managed fund in a semi$-$strong efficient market?

$31.$ If an investor can consistently earn abnormal returns using technical analysis tools, how efficient is the market?

$32.$ What is the difference between contrarian and momentum investors?

$33.$ If your investment portfolio $($e$.$g$.$ trading game portfolio$)$ can generate positive and significant Jensen's alpha without having private information, what does it signal about the form of market efficiency in the short run?