2. Which of the following statements about VYMs estimated regression coefficients on the SMB and HML factors and the estimated CAPM and FF alphas (the intercepts) is true?

a. The CAPM alpha is larger than the FF alpha because the HML coefficient is positive and the SMB coefficient is negative.

b. The CAPM alpha is less than the FF alpha because the HML coefficient is positive and the SMB coefficient is negative.

c. The CAPM alpha is less than the FF alpha because the HML coefficient is positive even though the SMB coefficient is negative.

d. The CAPM alpha is less than the FF alpha because the SMB coefficient is negative even though the HML coefficient is positive.

e. None of the above are true.