Question: 4.(a) Distinguish between informational efficiency, valuation efficiency and allocative efficiency. (b) Explain the January effect in terms of a violation of stock market efficiency and

4.(a) Distinguish between informational efficiency, valuation efficiency and allocative efficiency.

(b) Explain the January effect in terms of a violation of stock market efficiency and discuss the evidence for this effect.

(c) Explain the joint hypothesis problem in relation to testing efficiency of financial markets.

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