oree C Remaining Time: 57 minutes, 28 seconds Question Completion Status: Moving to another question will save this response Question 3 Fama and French examined excess retuns on equity mutual funds and found evidence that O Excluding fees, equity mutual funds had positive alphas Even excluding fees, equity mutual funds had negative alphas o Mutual funds that invest in small capitalization stocks tend to have positive alphas o Including fees, equity mutual funds had positive alphas but not large enough to compensate for risk. Moving to another question will save this response