1. (20 points) Short Answer Questions Are the following statements True, False or Ambiguous? Provide a short (one or two sentence) justification for each of your answers. Your score will be based on your justification (i.e., a correct answer with no or incorrect justification may receive zero points). (c) (8 points total) Momentum Effect i. (4 points) The momentum effect is stronger using returns in the past 1-6 months instead of 7-12 months, consistent with the underreaction hypothesis. ii. (4 points) The momentum effect is stronger among large stocks, which is inconsistent with the underreaction hypothesis