Corporation Beta traded at a P/B ratio of 5 in May 2018. Its most recent reported ROCE is 10% and its cost of equity is also about 10%. Which of the following is most likely to be true?

a. On average, the market expects future ROCEs to increase to above 10%.

b. On average, the market expects future ROCEs to decrease to below 10%;

c. On average, the market expects future ROCEs to remain at 10%;

d. On average, the market does not know what to expect.