Question #1: The author gives several reasons why the blame cast on the EMH for the global financial crisis is unfounded. Which one makes the most sense to you? Why? Which argument do you disagree with, or are not convinced by? Why?

Question #2: The author proposes several lessons about market efficiency that we can learn from the financial crisis. One is that there are limitations to the EMH as a theory of financial markets. He specifically argues that the EMH is silent on the “supply side” of the information market. What does he mean by this? Do you agree with his view? Why or why not?

Question #3: What are the implications for corporate financial managers of the EMH as articulated and defended by the author? Frame you answer around implications for issues such as capital raising, dividend payouts, capital expenditures, managerial incentives, and firm performance.



 
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