Which of the following are potential interpretations of the U.S. stock market crash in March 2020?

I. Due to an increase in risk, investors discount future cash flows using higher discount rates leading to lower stock prices.

II. Lower cash flow growth prospects led to a market-wide decline in stock prices.

III. Heightened uncertainty about future stock market returns led to a steep increase in the VIX index.

	A.	I, II, and III
	B.	II and III
	C.	I and III
	D.	Only II