QUESTION 4 On February 21, 2020, the Italian Ministry of Health announces the first Cavid-19 case in Italy. One day later the Italian stock market (FTSEMIB) falls by 10%. The CAPM-implied abnormal returns (AR) of three Italian firms are as follows: Om of Poste Italiane (PST: -5% of AZA (AZAX 5% of Recordati (REC Which statements are correct? If the BETA of PST is 1, then its observed return (1) following the announcement is -10% if the BETA of A2A is 0.5, then its observed return (1) following the announcement is -10% The observed return (1) of REC following the announcement was for sure positive The Covid 19 announcement are relatively good news for REC The BETA of PST is O