4. Illiquidity and stale prices.For Convertible Bond Arbitrage excess returns, compare: The beta in a monthly univariate regression on the market's excess return. The beta in a univariate regression on the market using 3-month excess returns. (To compute 3-month excess returns in a simplified way, add 3 monthly excess returns. The regression coefficients can still be estimated by running the regression monthly, i.e., with overlapping data. Note that the t-statistics need to be adjusted although you are not required to do it for this assignment.) The sum of betas in a monthly regression on the market, the 1-month lagged market, and the 2-month lagged market (all excess returns). 4. Illiquidity and stale prices.For Convertible Bond Arbitrage excess returns, compare: The beta in a monthly univariate regression on the market's excess return. The beta in a univariate regression on the market using 3-month excess returns. (To compute 3-month excess returns in a simplified way, add 3 monthly excess returns. The regression coefficients can still be estimated by running the regression monthly, i.e., with overlapping data. Note that the t-statistics need to be adjusted although you are not required to do it for this assignment.) The sum of betas in a monthly regression on the market, the 1-month lagged market, and the 2-month lagged market (all excess returns)