10) Link the economic cycle to Stephen Ross’ arbitrage pricing theory (APT) framework, explaining where the economy is positioned and where the portfolio should be positioned which respect to APT betas, respectively. Explain the foundational elements of the Fama-French (FF) Three Factor Model.

11) What does the Efficient Market Hypothesis (EMH) portend? What five anomalies appear difficult to reconcile with the EMH?

12) Explain behavioral fiancé in the context of heuristics, biases, and anomalies. What is a market bubble, how do bubbles confirm or disaffirm the EMH, and who wrote Manias, Panics and Crashes? Finally, what are the six stages outlined in MP&Cs?

13) Explain “liquidity” as a priced market factor? When is liquidity particularly valuable? What is the Equity Risk Premium Puzzle?

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