Are the following statements true? Statement 1: The Fama and French evidence that high book-to-market firms outperform low book-to-market firms even after adjusting for beta means that either high book-to-market firms are underpriced or the book-to-market ratio is a proxy for a systematic risk factor. Statement 2: Assume that a company announces unexpectedly high earnings in a particular quarter. In an efficient market one might expect an abnormal price change immediately after the announcement.

	A.	Yes.
	B.	No. Both are not true.
	C.	No. Only statement 1 is true.
	D.	No. Only statement 2 is true.