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Explain validity in forms of Efficient-market hypothesis

Explain the validity in various forms of Efficient-market hypothesis.

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There have been many studies of the Efficient-market hypothesis, and the validity of its various forms. Many early studies finished in favour of the weak form. Large-capitalization stocks and Bond markets are thought to be highly efficient, slighter stocks less so. Due to different quality of information among investors and due to an emotional component, real estate is thought of as being rather inefficient.

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