1. As before, run a so called Fama-MacBeth regression and compute the Fama- MacBeth t-statistic. But this time explain Returns by MarketCap as of January for each year, i.e. in February to December you use the market cap estimated in January of each year for each stock. Higher MarketCap is associated with higher returns and this relation is statistically significant (t-statistic below -2 or above 2)? . Lower MarketCap is associated with higher returns and this relation is statistically significant (t-statistic below -2 or above 2). Higher MarketCap is associated with higher returns but this relation is not statistically significant (t-statistic below -2 or above 2). Lower MarketCap is associated with higher returns but this relation is not statistically significant (t-statistic below -2 or above 2).