Devote one section of your essay to discuss the three forms in which the financial literature typically expresses the efficient market hypothesis. Devote another section of your essay on your arguments why you think (or not think) these forms of efficiency actually hold in the financial market.
You are free to focus on a topic that relates to the three forms of market efficiency. You can consider different theoretical arguments, for example, you can start with the arguments we have developed during our lectures. You can also consider how existing literature refers to the empirical tests of the weak, semi-strong and strong forms of market efficiency. Is there any empirical evidence that one or more of these forms are actually violated in the financial market? You can finally consider possible connections between the efficient market hypothesis and the rational behaviour of investors.