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A long-short strategy consistently delivering significant alpha suggests that Select one: a. the market is inefficient. b. the asset pricing model to determine alpha may

A long-short strategy consistently delivering significant alpha suggests that

Select one:

a. the market is inefficient.

b. the asset pricing model to determine alpha may be wrong.

c. we may have looked too much into the data there is always a pattern if one looks hard enough!

d. there might be limits to arbitrage (i.e., practical challenges that stop informed investors from arbitraging alpha away, such as transaction costs).

e. All of these statements are plausible.

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