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24. Shares of small firms with thinly traded stocks tend to show positive CAPM alphas. Is this a violation of the efficient market hypothesis? (3 points)
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The assumption is wrong, those stocks may carries different characteristics too. Hence, an efficient market is the one which discounts every piece of information into consideration and reflects on the prices of stocks. Hence, the alpha of stock is a calculated item by many inputs, it is not violating efficient market hypothesis.

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