Which of the following is evidence for why the accruals anomaly is considered an example of mispricing under the three factor model? Circle all that apply

1. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has positive excess returns

2. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has a positive CAPM alpha

3. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has a positive alpha when regressing it on excess market returns, SMB and HML

4. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has a higher Sharpe ratio than the market portfolio

5. All of the above