According to the momentum effect winner stocks on average, Financial Management

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According to the momentum effect winner stocks on average

According to the momentum effect, winner stocks on average generate high returns than loser stocks on average. Historically, winner stocks and loser stocks have similar market beta. This means the winner-minus-loser return

A. Cannot be fully explained by the CAPM model

B. Generate zero alpha in the CAPM model

C. Generate negative alpha in the CAPM model

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