As the COVID-19 pandemic shut down major cities and world travel in early 2020, airline and tourism-related stock prices crashed. Assuming that these stocks can be valued using the dividend discount model and CAPM, and all other factors remain equal, which of the following statements do NOT explain why airline and travel stock prices crashed?

Select one:

a. Lower risk free interest rates due to expansionary monetary policy.

b. A postponement of dividends until revenue and earnings recover when vaccines become available.

c. Lower dividend and earnings levels due to business peoples' new found preferences for online rather than physical meetings.

d. Higher market risk premiums due to investors' heightened awareness of share market volatility.

e. Higher systematic risk in the airline and travel industry due to a higher correlation with the market portfolio from dependence on holiday-maker travel rather than business travel.