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1. Question 13 Report the Fama-MacBeth test statistic, i.e. sqrt(N)*avg(X)/stddev(X), where N is the number of observations (the number of months), and X is

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1. Question 13 Report the Fama-MacBeth test statistic, i.e. sqrt(N)*avg(X)/stddev(X), where N is the number of observations (the number of months), and X is the monthly estimated slope coefficient on MarketCap when explaining Returns by MarketCap and CAPM-Beta (i.e. the slope coefficients from the previous regression). Round the value to two decimal digits, and use the dot to separate decimal from non-decimal digits, i.e. enter like: 12.23 Use all slope coefficients from 2005 (i.e. N=12).

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