What is true about the excess return period?

A)

The intrinsic value of a company will be lower if it has a higher excess return period

B)

It is the period in which a firm is able to earn returns on new investments that are greater than its cost of capital due to competitive advantage of the firm over others

C)

The excess return period is the timeframe historically that a company was able to outperform the market

D)

A higher cost of capital will result in a company having a lower excess return period

E)

Strong economies of scale typically mean a lower excess return period