Momentum in the stock market refers to a phenomenon that past winners continue outperforming while past losers continue underperforming in the future. Which of the followings is not a possible explanation for the momentum effect?

Group of answer choices

Investors tend to sell winners too quickly while being reluctant to sell losers

Momentum captures a part of the systematic risk of a stock

Investors slowly update their beliefs in response to new information

Investors extrapolate recent trends in stock return too far into the future