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When attempting to explain the discrepancies between what the CAPM predicts and the actual empirical findings (by evaluating book-to-market values) behavioralists find that: A. the returns to high B/M stocks appear to be large upon recovery. B. low B/M firms are poor performers, financially depressed with prices driven too low. C. high B/M firms are viewed as growth firms. D. the high stock price of high B/M firms mutes future growth, which contributes to lower observed returns. |