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In the Arbitrage Pricing Theory (APT), which of the following statement is/are correct? I. Investors are mean-variance optimizers Il. There is an equilibrium mean-beta relationship

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In the Arbitrage Pricing Theory (APT), which of the following statement is/are correct? I. Investors are mean-variance optimizers Il. There is an equilibrium mean-beta relationship valid for all securities III. The market is arbitrage-free IV. The alpha has to be zero for well-diversified portfolios by no-arbitrage arguments I, Il and IlI I, II, IIl and IV II, IIl and Iv Ill and IV

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