Which of the following statements are incorrect?

a) The risk premium is the excess investment return required compared to a risk-free investment

b) The average arithmetic return on stocks since 1926 exceeds the average return on real estate investments

c) The greater the potential reward the greater the risk

d) Usually the risk free rate for short term projects is based off the 10-year Treasury Bond Rate

e) Efficient Market Hypothesis (EMH) asserts that capital markets like the NYSE are efficient.