6. Efficient Market Hypothesis. [25 Marks] a. Discuss the three forms of market efficiency and explain each form with respect to how you can make a profit through trading. [9 Marks] b. If markets are efficient, what should be the correlation coefficient between stock returns for two nonoverlapping time periods? [4 Marks] c. Why the following "effects" considered to be efficient market anomalies? Are there rational explanations for these effects? [6 Marks] i) Book-to-market effect ii) Momentum effect iii) Small firm effect d. Briefly explain the roles and responsibilities of portfolio managers in an efficient market. [6 Marks]