4. Are the following statements true or false? Explain. (Credit depends on the details of the explanation) (a) According to the CAPM, if two stocks have the same beta, they must have the same variance. (b) In the CAPM, if an assets beta is zero, it must be the risk-free bond. (c) The Arbitrage Pricing Theory is an equilibrium concept. (d) The expected return - beta relationship in the CAPM can also be obtained in the APT. (e) If two portfolios have the same beta but different alphas, the one that has higher alpha should always be picked. (f) If portfolio A has a higher Treynor ratio than portfolio B, then portfolio A has a higher alpha than portfolio B.