1). Risk-averse investors tend to have lower marginal utility when their consumptions are low. 

2). A risk-averse individual that has to decide between two different lotteries will always prefer a lottery with less risk. 

3). Fama and French, in their 1992 study, found that firm size had better explanatory power than beta in describing portfolio returns. 

4).. The option price follows a martingale under the risk-neutral measure Q when the interest rate is zero.

Please answer true or false to the statements, and if false,