Which of the following statements is true? Momentum effect can be explained by the lack of Growth option held by the recently winning companies. A possible explanation of the value effect is that it is due to the neglected firm effect. Liquidity risk premium can explain the B/M effect. B/M effect can be explained by the high and asymmetric adjustment costs of the value firms. Momentum effect can be explained by the lack of Growth option held by the recently winning companies. Unprofitable companies tend to have less Growth option, which explains the Profitability effect