In Their 2010 Study, Fama and French Used a Four-Factor

Multiple Choice

In their 2010 study, Fama and French used a four-factor model to analyze excess returns on equity mutual funds. They found that the funds ________.

A) had negative alphas before fees were considered
B) had positive alphas after fees were considered
C) had negative alphas after fees were considered
D) had negative alphas before fees were considered and had negative alphas after fees were considered