Please provide step by step solution and explanation a)...

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Finance

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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.)

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