Banz (1981) found that, on average, the risk-adjusted returns of small firms

Group of answer choices

a. were higher than the risk-adjusted returns of large firms.

b. were the same as the risk-adjusted returns of large firms.

c. were lower than the risk-adjusted returns of large firms.

d. were lower than the risk-adjusted returns of large firms.

e. were unrelated to the risk-adjusted returns of large firms. were negative.