When annualizing measures of volatility (variance or standard deviation), which of the following is not correct (VAR=variance; SD=standard deviation; sqrt=square root))? OSDannual = SDmonthly * sqrt(12) OSDmonthly = SDannual / sqrt(12) SDannual = SD monthly * 12 O VARannual = VARmonthly * 12 Question 25 (Mandatory) (1 point) Saved Table 5.4 in BKM (11th edition) shows excess returns for various types of portfolios between 1952 - 2017 (i.e. the bottom half of the table). When examining the excess return data for the Big Growth portfolio then which of the following statements is incorrect? Positive Kurtosis and negative skew in the historical data is reflected in its higher VaR compared to the matching Normal Distribution. Negative excess returns were more prevalent than would have been suggested by the matching Normal Distribution. All are true statements The distribution of historical excess returns is not perfectly normal; the actual distribution exhibits higher probabilities in its tails than a perfect ND with identical mean and sigma