Which of A) Through D) Is INCONSISTENT with the Text's

Which of a) through d) is INCONSISTENT with the text's summary of empirical studies of country and industry factors in international stock returns?

A) Cross-country correlations typically are lower than cross-industry correlations.
B) Diversifying across countries usually brings greater diversification benefits than diversifying across industries.
C) Although capital markets are becoming increasing integrated, correlations between national stock markets are not necessarily increasing.
D) There are periods where high volatility in selected industries (e.g., the IT bubble of the late 1990s) reduces industry correlations, and increases the importance of industry diversification.
E) Each of the above is consistent with recent empirical studies.