Which of the following statements is false?
a. | Systematic risk is a market-wide source of risk and is non-diversifiable. |
b. | The beta estimate of the market portfolio is one. |
c. | The yield to maturity is less than the coupon rate of a premium bond. |
d. | Assuming no IRR problems, if IRR > cost of capital, the NPV estimate is negative. |
e. | The reinvestment rate of the MIRR is the cost of capital. |
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