The Market Segmentation Hypothesis Suggests That the Yield Curve Bends

The Market Segmentation hypothesis suggests that the yield curve bends at some point along its length because:

A) Investors have less appetite for longer-term investments
B) Borrowers prefer to borrow long-term but lenders prefer to lend short-term
C) Different types of institution tend to specialize in different maturity ranges
D) The risk premium becomes significant only at longer maturities