Suppose that you make the following observation: firms with stock market gains over 50% of their market capitalization within three months subsequently have a negative and significant CAPM alpha for the next five years. Which of the following statements is correct based on your observation? A. The fact that some firms gain so rapidly is a sign of inefficiency. B. The observation proves that technical analysis leads to abnormal returns without taking risk. C. The negative abnormal returns may be due to exposure to the value factor as firms with high valuations are value firms. D. The market is not even weak-form efficient if the CAPM is the right model of risk and return