Which of the following is NOT a piece of evidence for the investor underreaction? A. The stock market index excess returns are positively autocorrelated at the monthly frequency. B. The stock market index excess returns are negatively autocorrelated at the three to five year horizons. C. Stocks with higher standardized unexpected earnings tend to earn higher returns in the future. D. Stocks with higher returns in the last six months tend to earn higher returns in the future. QUESTION 4 Which of the following is NOT a measure of investor sentiment? A. The last year stock market return. B. The number of IPOs. C. The equity share in total new issues. D. The dividend premium