Read two (2) or more of the articles listed below and answer the following two (2) questions:

(a) Evaluate the empirical evidence and arguments for and against the efficient market hypothesis (EMH), drawing on your knowledge, independent research, the theoretical perspectives and evidence presented in two (2) or more of the articles. (50 marks)

-Brief EMH definition (10 marks)

-Arguments for EMH (15 marks)

-Arguments against EMH (25 marks)

(b) Analyse the usefulness and possible applications of the EMH in the provision of investment advice, taking into account independent research and the evidence presented in two (2) or more of the articles. (40 marks)

Articles on EMH The following articles are available in the databases in the Kaplan Library in KapLearn.

The relevant database is specified in the reference. ?

Easton, S & Kerin, P 2010, 'Market efficiency and the global financial crisis', The Australian Economic Review, vol. 43, no. 4, pp. 464-468, retrieved 26 May 2022, , .

? Holton, L 2009, 'Is Markowitz wrong? Market turmoil fuels non-traditional approaches to managing investment risk', Journal of Financial Planning, vol. 22, no. 1, January, pp. 20-29, retrieved 26 May 2022, , .

? Livanas, J 2006, 'How can the market be efficient if investors are not rational?', JASSA, issue 2, winter, pp. 24-28, retrieved 26 May 2022, . .

? Malkiel, BG 2003, 'The efficient market hypothesis and its critics', Journal of Economic Perspectives, vol. 17, no. 1, winter, pp 59-82, retrieved 26 May 2022, ,

Criteria-Based Marking Guide for Question 10 Excellent (Mark range: 38-50 marks) (Mark The student demonstrates/provides: The stude Definition of EMH Definition . a clear and succinct understanding . a reason of the efficient market hypothesis, efficient including its history, assumptions including and key elements and key Arguments for and against EMH Argument . a detailed discussion of the . some dis arguments for and against EMH for and with accurate reference to the referenc empirical evidence . a good c . a thorough comprehension of the selected selected articles . a fair cri . a good critique of the selected articles articles, including a summary of . some ev other relevant article conclusions indepen . clear evidence of additional independent research Criteria-Based Marking Guide for Question 1b Excellent (Mark range: 30.5-40 marks) (Mar The student demonstrates/provides: The studer Applications of EMH Applicatio . a comprehensive discussion of how . a fair dis the conclusions of the selected conclusi articles might affect investment might af practices . some ba . a valid basis for the practical applicati application of EMH to the investm investment advice process . some ev . clear evidence of additional indepen independent research