A Moving to another question will save this response. Question 21 Which of the following variables are important in explaining findings of Fama and French (1993)? a. Skewness Ob Liquidity c. Beta d. Size and book-to- market ratio e None of the above Moving to another question will save this response. M PSC FI BO F3 888 F4 ! 1 > 2 W # $ 4 % 5 E Q W E R T 4 Moving to another question will save this response. Question 22 Assume that you are embarking on a test of the small-firm effect using a specific version of APT model. You sort stocks The following finding would suggest that this particular APT model does not capture the small-firm effect a. The ten portfolios have abnormal returns not significantly different from zero. ob, The bottom five size-based portfolios have abnormal returns that exceed the top five portfolios Oc The ten portfolios have abnormal returns significantly greater from zero d. None of the above On The top five size-based portfolios have abnormal returns that exceed the bottom five portfotos Moving to another question will save this response. MacBook Air SC BO FB 888 . 1 2 # 3 $ 4 % 5 0 > & 7 Q W E R T Y A S D G H N V B Close Win Question 22 of 3 3.03 p 3 points So The version of APT model. You sort stocks into 10 size-based portfolios (from largest stocks on the top to smallest stocks at the bottom) phure the small effect 20 o the top five portfolios The botom five portfolio Ostions 2013 Close Wind MacBook Air 18: D CD . A ( & 7 ) O II 6 00 9 Y U O { [ 1 G H J K L B N M ? I I command option