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The consultant has provided a list to assist in revising the pension fund's asset allocation strategy. Which specific assumption of the Capital Asset Pricing Model (CAPM) is featured in this list?
A
There are transaction costs associated with buying and selling assets.
B
An individual investor can affect the price of a stock by buying or selling that stock.
C
Investors make their investment decisions by taking into account their personal income taxes.
D
Investors have the same expectations regarding the expected returns and the variance of returns of all assets.