QUESTION 8 Which of the following statements about the Ledoit-Wolf shrinkage covariance matrix is FALSE? a. A shrinkage estimator can reduce large errors in the estimation of the covariance matrix when there are a large number of returns on different stocks, and relatviely few time periods. b. The Ledoit-Wolf shrinkage covariance matrix is the theoretical covariance matrix derived from the assumptions of the Capital Asset Pricing Model. c. Using the shrinkage covariance matrix in mean-variance optimizers lead to more stable and reliable portfolio weights. d. Shrinkage estimators tend to be more robust to outliers and extreme values, which are common in financial returns