Banz (1981) Found That, on Average, the Risk-Adjusted Returns of Small

question 30

Multiple Choice

Banz (1981) found that, on average, the risk-adjusted returns of small firms

• A) were higher than the risk-adjusted returns of large firms.
• B) were the same as the risk-adjusted returns of large firms.
• C) were lower than the risk-adjusted returns of large firms.
• D) were unrelated to the risk-adjusted returns of large firms.
• E) were negative.

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