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Note: The last question requires inputting a number between -1 and 1.

Proponents of the EMH typically advocate: 

The size effect anomaly finds that the risk-adjusted returns of small firms:

In an efficient market the correlation coefficient between stock returns for two nonoverlapping time periods should be:

A group of portfolios from which we can form an efficient portfolio are called:

Assume the economy consisted of three types of people. 50% are fad followers, 45% are passive investors who hold the market portfolio, and 5% are informed traders. The portfolio of all the informed traders has a beta of 1.5 and an expected return of 15%. Market expected return is 11%. Risk-free rate is 5%. What alpha do the fad followers make (in %)?