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

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.