Based on the size and value effects, what are the more likely views of an recession, which on average happens once every 10 year.

I: The recession year is given a weight of 1/10 in evaluating the importance of the risk of each year, when market participants price assets

II: Recession year might be more important than a normal year in investors' mind

III: CAPM beta can already precisely capture the recession risk of individual stocks. So there is no need for singling out recession risk when evaluating asset value.

IV: Recession risk can be at least partly captured by the size beta or value beta in the Fama-French three-factor model

		I, II, III
		II, III
		II, III, IV
		II, IV