Which of the following statements is FALSE?

A If the market portfolio is not efficient, then a portfolio of high book-to-market stocks will likely have positive alphas.

B. Portfolios with high market capitalizations will have positive alphas if the market portfolio is not efficient.

C. The book-to-market is the observation that firms with high book-to-market ratios have positive alphas.

D. Portfolios with low book-to-market rations will have negative alphas if the market portfolio is not efficient.