See attached:)

Introduction
Capital market efficiency describes the determination of the speed, accuracy, and the scope
within which the available information can be embodied into security prices
Behavioural challenges in achieving efficiency
Arbitrage
Suppose that the superior, rational analysis shows that a firm is overvalued, arbitrage would
suggest that the firm should short the shares.
Rationality
Most times, people are not rational. Many investors do not diversify, some trade too much, and
some try to maximize returns by selling winners too quickly and holding losers for too long
Forms of Market efficiency
The forms of the efficient market include the semi-strong, strong, and the weak type efficient
market.
Corporate Finance Implications
In the event that that markets are entirely efficient, the value of the market firm shows the
expected present value of the firm’s future cash flows.
Is the real estate Market efficient?
An efficient market entails a market when buyers and sellers hold perfect information i.e. the
prices reflects the available information whether public or private. Rreal estate is not an efficient
market
Conclusion
T...