If Investors Can Freely Trade Assets in fiNancial Markets, Then

If investors can freely trade assets in financial markets, then the impact of trading activity on expected returns insures that ________________________.

A) All assets will have the same degree of systematic risk.
B) Each firm's reward to risk ratio will be based on a different risk-free rate of return.
C) Systematic risk can be diversified away.
D) Assets will have the same reward to risk ratio.
E) All assets will have the same risk premium.