Risk-Averse Short-Term Investors Will Buy Long-Term Bonds Over Short-Term Bonds

Risk-averse short-term investors will buy long-term bonds over short-term bonds only if

A) yields on long-term bonds exceed implied forward rates.
B) expected prices on long-term bonds are less than expected prices of short-term bonds.
C) expected returns on long-term bonds are less than expected returns on short-term bonds.
D) expected returns on long-term bonds are greater than implied forward rates.
E) none of the above.