We can see that VYMs CAPM alpha is negative. Which of the following are reasonable statements given this fact?

a. Investors seem to value dividend-paying companies more so than other companies, often portfolios consisting of high-dividend paying stocks underperform.

b. The CAPM may not capture certain risks that high-dividend paying stocks are subject to, that is why the CAPM alpha is negative.

c. High-dividend paying stocks are safer in ways that are not captured by the CAPM.

d. We know that dividend-paying firms do so because they do not have good internal investment opportunities, that is why they do not grow as fast.

e. a. and b.

f. a. and c.

g. a. and c. and d.

h. All of the above.

i. None of the above.