Please provide step by step solution and explanation

a) Is the U.S. stock market efficient? Discuss with references to empirical studies covered in the textbook or notes for this class. (b) Explain what the small-firm-in-January effect is a capital market anomaly. c) Explain, with the aid of a graph, the Kahneman and Tversky's prospect theory with regard to risk aversion and loss aversion. (Note: Your answer must include a correct graph and a correct explanation for full credit.)