Review the arguments and evidence for and against the efficient market hypothesis (EMH) and describe whether the recent financial crisis may have caused the hypothesis severe damage. Reference for getting started: Courtois (2009) "The Price Is Right?" Region Focus, Federal Reserve Bank of Richmond, Fall 2009, 16-19, 34 Marking Criteria The following criteria will be used in evaluating this assessment: • Explained the meaning and forms of EMH. (20 marks) • Explained the logic behind EMH. (10 marks) • Presented the evidence that researchers offer for and against each form of EMH. (30 marks) • Explained how an asset price bubble can be rational, i.e. consistent with EMH. (10 marks) • Evaluated the housing and mortgage-backed security price bubbles that brought on the recent financial crisis and concluded on whether they were rational or irrational. (20 marks) • Demonstrated reflective use of relevant literature and correct citation. (5 marks) • The essay has been written clearly and concisely and not exceeded the word limit. (5 marks)