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 (no explanation needed).

1. 1. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has positive excess returns
2. 2. A portfolio of stocks that buys low accruals stocks and shorts high accruals stocks has a positive CAPM alpha
3. 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. 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. 5. All of the above