Nicole is interested in comparing the stock returns of several international markets. However, as she is an institutional investor, she wants to ensure that the returns she calculates are not heavily determined by small stocks that are difficult to trade or illiquid as it will be hard to get a sizeable exposure to such securities in her portfolio. A common way of dealing with this is to focus on the returns to stocks included in indices (such as the FTSE100, Dow Jones or ASX200). Nicole has decided that it is acceptable to use the ASX200 to measure the returns to Australian stocks that an institutional investor could get a meaningful position in. Why might she have decided this? Select one: a. Transaction costs in Australia are low relative to international markets. b. The ASX200 is value-weighted. c. The ASX200 is equal-weighted. d. The stocks included in the ASX200 have high market capitalisations relative to stocks included in the Dow Jones. e. The ASX200 is a passive index.