Beta The following prices are for Rollway plc and the market index.

Date Rollway plc Market Index Mar-20 1,187.00 5,768.50 Feb-20 1,077.00 5,871.50 Jan-20 941.00 5,681.60 Dec-19 852.00 5,572.30 Nov-19 922.50 5,505.40 Oct-19 1,179.00 5,544.20 Sep-19 1,263.00 5,128.50 Aug-19 1,365.00 5,394.50 Jul-19 1,549.00 5,815.20 Jun-19 1,661.00 5,945.70 May-19 1,723.00 5,990.00 Apr-19 1,692.00 6,069.90 Mar-19 1,554.00 5,908.80 Use a spreadsheet to calculate Rollway plc’s beta for the full period. Now calculate the beta using data for March 2019 to September 2019. Calculate the beta for October 2019 to March 2020. What can you say about the different beta estimates? Is this evidence for or against CAPM? Explain your answer.