a) Efficient market hypothesis (EMH) states that the price of a
security (such as a share) accurately reflects the information
available. When information arrives, how fast will an information
about a share be captured and reflected in the share price depends
on the degree of competition among market investors. List and
briefly explain, in your own words, two variations of information.
(b) Modigliani and Miller (1958) outline the most authoritative
work on the theory of capital structure in a perfect...