True or False, if False, why?

-. Risk averse investors tend to have lower marginal utility when their consumptions are low.

-. A risk averse individual that has to decide between two different lotteries will always prefer a lottery with less risk.

-. Fama and French, in their 1992 study, found that firm size had better explanatory power than beta in describing portfolio returns.

- The option price, follows a martingale under the risk-neutral measure Q when interest rate is zero.