Black Argues That Past Risk Premiums on Firm-Characteristic Variables, Such

Multiple Choice

Black argues that past risk premiums on firm-characteristic variables, such as those described by Fama and French, are problematic because

A) they may result from data snooping.
B) they are sources of systematic risk.
C) they can be explained by security characteristic lines.
D) they are more appropriate for a single-factor model.
E) they are macroeconomic factors.