What is true about the excess return period?

A) The excess return period does not have a major impact on the value of a stock

B) The greater the competition in the industry the lower the excess return period

C) A company that sells commodities will likely have an excess return period of over 7 years

D) It refers to the period in which a firm is able to earn returns on new investments that are lower than its cost of capital due to competitive advantage of the firm over others

E) The excess return period is used to value a stock with technical analysis but not fundamental analysis