Researchers have found that in evaluating managers against the S&P 500:

A. Whether the manager beat the index was more important to pension plan sponsors than to individuals, but the magnitude of outperformance mattered more to individuals.
B.Whether the manager beat the index was more important to individuals than to pension plan sponsors, but the magnitude of outperformance mattered more to plan sponsors.
C Individuals and pension plan sponsors both put more emphasis on whether the manager beat the index than on the magnitude of the outperformance.
D. "Individuals and pension plan sponsors both put more emphasis on the magnitude of the outperformance than on whether the manager beat the index.