Consider the following statements in relation to stock index futures and the theoretical fair value price (S0e(r–q )T).

[answerhappygod]

Consider the following statements in relation to stock index
futures and the theoretical fair value price (S0e(r–q )T).
I. The activities of arbitrageurs ensure that the futures price
always equals the theoretical fair value price.
II. Transactions costs mean that the futures price is likely to
deviate from the theoretical fair value price, but that for index
futures traded in developed markets the deviation is likely to be
relatively small, such as 3% or less.
III. Any deviation in the futures price from its theoretical
fair value price is likely to be smaller for futures based on large
capitalization stocks (such as the FTSE100 contract) than for
those based on mid-capitalization and small capitalization stocks
(such as the FTSE 250 contract).
IV. Short sales restrictions are likely to have an impact on the
ability for arbitrageurs to correct any deviations of the actual
futures price from the theoretical fair value price.
Which of the above statements are true?