Question: - Explain why security price changes should be essentially unpredictable in an efficient market. - Explain the three forms of market efficiency and their implications

- Explain why security price changes should be essentially unpredictable in an efficient market. - Explain the three forms of market efficiency and their implications to investment strategies. - Cite evidence that supports and contradicts the efficient market hypothesis. - Provide interpretations of market anomalies (small-firm effect, size effect, book-to-market ratio effect, postearnings-announcement price drift) - Explain how the Fama-French-type factor models help explain market anomalies

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