You have been employed as a consultant to an actively managed equity fund. Your task is to write a critical essay evaluating the arguments for and against the efficient markets hypothesis and behavioural finance and the implications of these for the future direction of the fund.
Your essay should include (but not only be) a discussion of the work of Nobel Laureates Eugene Fama, Robert Schiller and Richard Thaler. You should utilise existing literature (scholarly journals) on market efficiency and behavioural finance as well as real world examples to support your arguments. Your essay should include a conclusion on the validity of market efficiency and any implications of your research for the future direction of the fund.