The empirical regularities cited in this chapter have potentially troubling implications for the capital asset pricing model

Question:

The empirical regularities cited in this chapter have potentially troubling implications for the and the concept of highly efficient markets. Discuss some of these implications.
Capital Asset Pricing Model
The Capital Asset Pricing Model (CAPM) describes the relationship between systematic risk and expected return for assets, particularly stocks. The CAPM is a model for pricing an individual security or portfolio. For individual securities, we make use of the security market line (SML) and its...