$7)$ Exhibit $10$ provides regressions results of the return differentials on the &P$500,$ FTSE, and exchange rates. That is$,$ the following equation has been estimated: R GTSJ $+$S$($S$/$fl$)+$S$($S$/$E$).$ The dependent variable is equal to the return of Royal Dutch minus the return of ShellDiscuss the results within the context of your arbitrage strategy $.$ a$).$ What do the Beta coefficients from the regressions suggest about the markets and exchange rates? Do the stocks commove with the markets and exchange rates? b$.$ Discuss the R$-$squared from the regressions. When you examine price movements over larger horizons of time are you better able to explain the price differentials? That is$,$ does the R$-$squared increase over larger return horizons?