According to the presentation in class, "Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors," which of the following statements are correct? I. The gross returns earned by individual investors are comparable to the market average, but the net returns (after accounting for bid-ask spread and commission paid) are poor. II. People tend to be overconfident. High-turnover households underperform low- turnover households. III. Liquidity, portfolio rebalancing, taxes, and gambling are among the motivations for trading. IV. Trading costs are low, compared with the expected return of the stock markets. The average round-trip trade in excess of $1000 costs 1% in commissions and 0.1% in bid- ask spread. Select one: a. I and II O b. I, II, and