American references only please. 

We learned the efficient market hypothesis (EMH), created by Eugene Fama in the 1970s and awarded Nobel price in economics in 2013. As one of the most famous financial theories ever developed, it is widely accepted in both academia and practice. However, it is also one of the biggest debates in modern finance. As a matter of fact, Nobel price in economics was also awarded Robert Schiller in the same year for his study in behavioral finance, a competing theory to the EMH.

It is not surprising that there are numerous studies and articles criticize the EMH. The following link is one of such articles:

In the discussion, please address the following questions:

1. Consider the argument on both sides, do you believe in the EMH? and Why?

2. The recent Brexit vote has created a profound impact on the current global financial market. Please conduct research on how the market reacts to the outcome of this historical event. Do you think the reaction is consistent with the EMH? and why?