A portfolio manager summarizes the input from the macro and micro forecasters in the following table: Micro Forecasts Asset Expected Return (%) Beta Residual Standard Deviation (%) Stock A 21 1.4 48 Stock B 18 1.8 66 Stock C 17 1.1 55 Stock D 12 1.0 50 Macro Forecasts Asset Expected Return (%) Standard Deviation (%) T-bills 8 0 Passive equity portfolio 16 23 a. Calculate expected excess returns, alpha values, and residual variances for these stocks.

(Negative values should be indicated by a minus sign. Do not round intermediate calculations. Round "Alpha values" to 1 decimal place.)