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4. Discuss whether each of following statements is true or false and WHY. 1 a) The robust empirical asset-pricing evidences show that the portfolio of the bottom 10% book-to-market ratio stocks outperforms the portfolio of the top 10% book-to-market ratio stocks in terms of the two portfolios' returns over five years. b) Money managers can't make any money. Therefore, markets are efficient and price equals value. c) The Siamese Twin Companies of Royal Dutch and Shell is an example of risk-free arbitrage. d) The CAPM implies that investors require a higher return to hold more volatile stocks