if your mutual fund manager generates returns that earn a statistically significant CAPM alpha, is it necessarily true that they are really beating the stock market?

(a) Yes, CAPM means the asset is earning return that is not explained by exposure to the market

(b) Yes, assuming you have enough data to generate reliable estimates of and

(c) No, you will only find a significant CAPM when you do not have a long data sample

(d) No, it depends on the beta of the stock

(e) No; a missing risk factor could explain the managers performance