单选题 David Hoch, a graduate student at Miami University, is putting together a research paper on differences in asset allocations between countries. Hoch's paper contains the following statements: Statement 1: Countries with higher income tax rates typically have lower allocations to bonds. Statement 2: Countries with older populations typically have lower allocations to equities. Statement 3: A strong government pension program may decrease the average equity allocation of a country's citizens. Statement 4: Countries with an historical aversion to financial risk typically have lower allocations to equities. Hoch's finance professor, Walter Denk, reads his research paper. Which of the following conclusions would be most valid for Denk to make? A. Statement 2 reflects a common reason why average asset allocations differ across countries, but Statement 3 does not. B. Statement 1 reflects a common reason why average asset allocations differ across countries, but Statement 2 does not. C. Both Statements 1 and 4 reflect common reasons why average asset allocations differ across countries.