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Which of the empirical fact(s) below are a CAPM anomaly? a. The recent outperformance of portfolios consisting of low book-to-market stocks. b. The historical outperformance

Which of the empirical fact(s) below are a CAPM anomaly?

a. The recent outperformance of portfolios consisting of low book-to-market stocks.

b. The historical outperformance of high book-to-market stocks.

c. The outperformance of recent winners.

d. The underperformance of recent losers.

e. All of the above.

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