Question III.1 Assume that markets are not fully efficient. You have managed to spot an inefficiency in the market and a

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Question III.1
Assume that markets are not fully efficient. You have managed to
spot an inefficiency in the market and a strategy to exploit it to
make “excess” returns for yourself. Under which of the following
conditions is that inefficiency likely to generate the long
standing profits? Choose one letter and briefly justify your
answer.
a) If the inefficiency is difficult to spot and the trading
strategy you use is transparent.
b) If the inefficiency is difficult to spot and the trading
strategy you use is complex.
c) If the inefficiency is easy to spot and the trading
strategy you use is transparent.
d) If the inefficiency is easy to spot and the trading strategy you
use is complex.