GrAnt, the grandson of the Ant and Grasshopper, had three passions in his life-business, creativity, and commitment to community. Just like his grandparents, he learned to combine his passions into one better whole; a new pharmaceutical firm, Ant and Grasshopper Inc. (A&G). There he can make money while using his creativity to better the community around him. A&G currently has no revenue or products on the market yet. Though A&G just had a heartbreaking delay in its new cardiovascular medication, GrassHeart, and has a product in the pipeline to treat cancer using ANTibodies. Due to the recent pandemic, GrAnt has directed his research team to begin a crash program to develop a vaccine and treatment for COVID-19. In this time of crisis, all ants and grasshoppers must pull together to help wherever possible. I'm confident that the amazing team we've put together at A&G can find the solution to COVID-19," GrAnt thundered in his recent meeting to his staff. Because of the lack of products and the heartbreaking delay, of GrassHeart, A&G's stock returns in the past showed very high volatility. According to the CAPM, would A&G have a lower or higher expected return than the market? Please explain why. (Note grades are assigned for the explanation and not the lower or higher answer) (6 marks)