The Efficient-Market Hypothesis and the Financial Crisis

Write an essay between 800 and 1200 words (excluding references), consisting of three tasks:

1. Read and summarize the following article:
   • Malkiel, B. G. (2012). The Efficient-Market Hypothesis and the Financial Crisis. In A. S. Blinder, A.
   W. Loh, and R. M. Solow (Eds.), Rethinking the Financial Crisis, Russell Sage Foundation, New
   York.
2. Explain the efficient market hypothesis (EMH), behavioural finance, and their relevance in explaining asset
   price bubbles.
3. In the end of the article, Malkiel concluded that“EMH and behavioural finance should not be considered as
   competitive models”.
   Discuss how he reached this view, and provide your view on this statement.