What does it mean for a market to be efficient? Explain why some stock prices may be more efficient than others. i. j. After your consultation with Michelle, she wants to discuss these two possible stock purchases: 1. While in the waiting room of your office, she overheard an analyst on a financial TV network say that a FDA approval for one of its products. On the basis of ny's stock. Assuming the stock particular medical research company just received this "hot" information, Michelle wants to buy many shares of that compa market is highly efficient, what advice would you give her? 2. She has read a number of newspaper articles about a huge IPO being carried out by a leading technology company. She wants to purchase as many shares in the IPO as possible and would even be willing to buy the shares in the open market immediately after the issue. What advice do you have for her? k. How does behavioral finance explain the real world inconsistencies of the efficient markets hypothesis (EMHD