The 2013 Nobel Prize in economics was awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller. The most important contribution of Eugene Fama to the economic literature is the Efficient Market Hypothesis (EMH).

The essay must discuss the passive investment strategy in an efficient market, in which you may also consider the role of a portfolio manager. The empirical tests for market efficiency are an important topic.

My part is just the empirical evidence

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