Question: 4. True or false: If we found that the alpha_i in the expression of Q(3) is not zero from empirical estimation, or, equivalently, if we

4. True or false: If we found that the alpha_i in

4. True or false: If we found that the alpha_i in the expression of Q(3) is not zero from empirical estimation, or, equivalently, if we found that the risk-return relation does not lie on the security market line for some stocks, then that implies either (1) the market is not efficient, or (2) the CAPM is not correct, or both. * (205) True False

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