10. Your portfolio manager tells you that they delivered 15% last year. You follow up with the portfolio manager and ask them for two years of performance data which they give you. You Take the data from year 1-2 to year t-1 and run the following regression: R-Rr+Bara+ Bemb.cab + Bumi And you find that: Bm-1.10 Bab 1.2 Brmi= 0.80 Using the following returns from year t-1 to year 0: Rr= 0 R = 12 Romb= .01 Ruml = .02 Did the portfolio manager actually do well over yr t-1 to 0- what were their FF adjusted returns? According to the Beta coefficients, what types of risk is the manager primarily taking? 3 points) Extra Credit (2 points): How might the fund manager still be manipulating things so that their returns look better than they are on a risk-adjusted basis? 10. Your portfolio manager tells you that they delivered 15% last year. You follow up with the portfolio manager and ask them for two years of performance data which they give you. You Take the data from year 1-2 to year t-1 and run the following regression: R-Rr+Bara+ Bemb.cab + Bumi And you find that: Bm-1.10 Bab 1.2 Brmi= 0.80 Using the following returns from year t-1 to year 0: Rr= 0 R = 12 Romb= .01 Ruml = .02 Did the portfolio manager actually do well over yr t-1 to 0- what were their FF adjusted returns? According to the Beta coefficients, what types of risk is the manager primarily taking? 3 points) Extra Credit (2 points): How might the fund manager still be manipulating things so that their returns look better than they are on a risk-adjusted basis