1. Question 11 Of course, smaller stocks are also associated with higher risk. Hence, redo the Fama-MacBeth regressions, use the MarketCap as of January for each year, and the CAPM-beta (estimated over the whole sample) as a control variable, to explain monthly returns (as before). 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