The 'size or small$-$firm effect' is defined as:

Question $3$Select one:

a$.$

the tendency of both poorly$-$performing and well$-$performing securities to continue that abnormal performance in the following period

b$.$

the tendency of both poorly$-$performing and well$-$performing securities to experience reversals in the following period

c$.$

the tendency $$of unknown firms to have risk$-$adjusted higher returns than well$-$known firms

d$.$

the tendency of the returns of small firms tend to be higher on a risk$-$adjusted basis than the returns of large firms.