All the questions are in the excel document.

To do:
1. Present a histogram of returns of high momentum, market, SMB and HML portfolios
2. Calculate time series of excess returns needed to test CAPM and Fama-French 3 factor model
3. Test CAPM and Fama-French 3 factor models using linear regression
4. Comment on regression intercepts and coefficients
5. Evaluate performance of CAPM and Fama-French 3 factor model

Date 192701 192702 192703 192704 192705 192706 192707 192708 192709 192710 192711 192712 192801 192802 192803 192804 192805 192806 192807 192808 192809 192810 192811 192812 192901 192902 192903 192904 192905 192906 192907 192908 192909 192910 192911 192912 193001 193002 193003 193004 193005 193006 193007 193008 Hi Momentum -0.24 6.96 5.47 5.49 6.24 -1.58 13.14 5.52 7.35 -6.04 6.38 5.08 -0.87 0.21 12.75 3.73 5.16 -3.54 2.18 8.79 5.5 7.3 24.36 2.17 -2.82 3.6 2.09 0.65 -12.34 9.34 5.4 8.54 -3.43 -27.55 -16.38 4.67 3.83 3.33 8.31 -1.38 -1.03 -16.39 6.25 1.17 Rf 0.25 0.26 0.3 0.25 0.3 0.26 0.3 0.28 0.21 0.25 0.21 0.22 0.25 0.33 0.29 0.22 0.32 0.31 0.32 0.32 0.27 0.41 0.38 0.06 0.34 0.36 0.34 0.36 0.44 0.52 0.33 0.4 0.35 0.46 0.37 0.37 0.14 0.3 0.35 0.21 0.26 0.27 0.2 0.09 Mkt 0.19 4.44 0.43 0.71 5.74 -2.08 7.56 2.25 4.97 -4.06 6.79 2.31 -0.43 -1.37 9.1 4.45 1.84 -4.54 0.94 7 3.15 1.74 12.19 0.42 5 0.02 -0.55 1.79 -5.95 10.22 4.79 8.58 -5.12 -19.66 -12.37 1.7 5.75 2.8 7.45 -1.85 -1.4 -16 4.32 0.39 SMB -0.56 -0.1 -1.6 0.43 1.41 0.47 -3.23 -0.72 -3.57 2.13 2.76 0.93 4.25 -2.03 -0.26 3.82 2.98 -3.5 -1.35 -2.07 2.18 2.27 -1.81 -0.85 -3.55 -0.39 -4.78 -0.99 -5.46 -2.17 -3.87 -9.51 1.17 -4.08 -1.91 -4.2 3.58 0.12 3.44 -0.17 -2.04 -3.22 -0.37 -2.22 HML 4.83 3.17 -2.67 0.6 4.93 -1.53 -1.16 -3.69 -0.71 -4.33 -0.31 -1.06 -0.72 -0.69 -1.2 3.67 -3.46 -0.06 -0.47 -2.11 0.76 -2.26 2.8 -0.6 -1.21 1.68 1.56 0.61 -1.57 -2.76 2.67 0.07 -0.63 7.85 5.33 -0.59 -1.01 0.39 0.15 -0.84 -0.63 2 -1.56 -0.78 193009 193010 193011 193012 193101 193102 193103 193104 193105 193106 193107 193108 193109 193110 193111 193112 193201 193202 193203 193204 193205 193206 193207 193208 193209 193210 193211 193212 193301 193302 193303 193304 193305 193306 193307 193308 193309 193310 193311 193312 193401 193402 193403 193404 193405 -12.47 -7.22 -1.73 -2.87 5.62 6.57 -1.72 -4.29 -9.89 8.12 -1.54 -0.54 -23.17 11.41 -3.3 -7.07 -0.76 1.67 -4.73 -10.86 -13.46 1.06 14.13 16.96 -3.9 -3.27 -20.88 2.49 -3.16 -16.03 8.51 28.88 19.34 16.98 -13.2 17.61 -7.26 -8.25 6.61 1.86 12.38 0.04 0.98 -7.98 -8.65 0.22 0.09 0.13 0.14 0.15 0.04 0.13 0.08 0.09 0.08 0.06 0.03 0.03 0.1 0.17 0.12 0.23 0.23 0.16 0.11 0.06 0.02 0.03 0.03 0.03 0.02 0.02 0.01 0.01 -0.03 0.04 0.1 0.04 0.02 0.02 0.03 0.02 0.01 0.02 0.02 0.05 0.02 0.02 0.01 0.01 -12.53 -8.69 -2.91 -7.69 6.39 10.92 -6.3 -9.9 -13.15 13.98 -6.56 0.44 -29.1 8.14 -8.91 -13.41 -1.35 5.69 -11.05 -17.85 -20.45 -0.68 33.87 37.09 -2.91 -13.15 -5.86 4.41 1.26 -15.27 3.33 38.95 21.47 13.13 -9.61 12.08 -10.63 -8.35 9.99 1.85 12.65 -2.48 0.11 -1.78 -7.24 -2.22 -0.1 2.21 -4.68 3.81 3.39 3.07 -4.61 5.16 -5.38 1.43 -1.97 0.56 -1.87 4.3 -0.56 3.94 -2.77 2.27 1.44 3.72 0.35 -4.44 14.29 -2.43 -2.76 2.08 -8.27 0.63 -2.75 3.9 4.56 36.7 8.67 -1.01 -5.45 -0.32 -0.08 -6.48 0.66 12.53 5.19 2.51 2.8 -0.26 -5.27 -1.35 -3.53 -5.39 7.21 1.6 -3.65 -3.92 -6.57 11.3 -2.1 -1.49 -6.75 1.7 -5.05 -8.86 9.04 -1.45 -2.32 1.42 -3.28 5.32 35.46 33.03 -6.82 -10.04 -13.28 -8.16 6.14 -2.73 7.38 17.43 19.03 -1.88 3.27 2.96 -11.77 -8.46 2.33 -1.53 15.54 2.12 -2.73 -3.75 -5.91 193406 193407 193408 193409 193410 193411 193412 193501 193502 193503 193504 193505 193506 193507 193508 193509 193510 193511 193512 193601 193602 193603 193604 193605 193606 193607 193608 193609 193610 193611 193612 193701 193702 193703 193704 193705 193706 193707 193708 193709 193710 193711 193712 193801 193802 2.69 -8.7 8.33 -0.84 3.4 13.65 3.4 -0.62 3.19 -1.42 6.46 1.25 6.57 6.49 3.55 8.71 12.12 3.01 8.02 12.68 1.19 5.42 -12.52 8.49 -0.91 9.72 -0.27 1.57 7.77 2.98 4 4.55 3.17 3.47 -14.74 -1.93 -7.01 9.79 -7.38 -20.71 -12.28 -11.03 -0.85 -1.01 1.65 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.02 0.03 0.01 0.02 0.01 0.02 0.01 0 0.01 0.02 0.01 0.03 0.06 0.03 0.03 0.02 0.04 0.02 0.02 0 0 0 2.65 -10.95 5.59 -0.22 -1.65 8.34 0.37 -3.44 -1.92 -3.67 9.07 3.48 5.94 7.52 2.66 2.64 7.04 4.9 4.57 6.9 2.5 1.01 -8.12 5.21 2.43 6.68 1.01 0.99 7.14 3.28 0.21 3.36 1.11 -0.26 -7.33 -0.77 -4.18 8.94 -4.84 -13.57 -9.59 -8.29 -4.24 0.49 5.84 -2.14 -6.94 5.42 -1.52 1.24 6.49 3.08 1.07 0.42 -3.54 -1.56 -3.28 -5.03 1.47 6.28 1.57 2.65 4.3 0.22 5.1 1.14 0.66 -6.03 0.81 -3.25 1.14 0.72 3.07 -2.39 9.01 3.61 4.31 1.23 -1.78 -3.77 -0.66 -3.65 0.85 0.42 -6.89 0.45 -3.65 -7.76 4.97 0.35 -2.92 -10.66 0.5 -1.24 -5.11 -2.24 -3.17 -1.89 -7.24 -5.06 4.27 2.52 2.13 6.86 5.7 -4.05 -2.33 11.91 1.07 10.51 5.04 -1.66 -2.08 2.63 -1.2 2.56 3.99 0.88 2.52 -0.92 3.96 2.61 5.05 6.39 -3.61 -3.49 -3.21 0.82 -2.25 -4.57 -1.62 0.2 -0.39 -1.6 -2.02 193803 193804 193805 193806 193807 193808 193809 193810 193811 193812 193901 193902 193903 193904 193905 193906 193907 193908 193909 193910 193911 193912 194001 194002 194003 194004 194005 194006 194007 194008 194009 194010 194011 194012 194101 194102 194103 194104 194105 194106 194107 194108 194109 194110 194111 -17.3 13.79 0.75 10.47 4.86 -1.27 0.15 6.86 -1.42 8.81 -9.21 4.75 -18.23 2.19 8.83 -6.11 13.36 -4.24 7.92 4.91 -6.74 7.29 0.03 5.14 4.57 3.85 -28.52 6.31 4.37 2.22 0.63 2.72 -0.79 1.79 -5.26 -2.36 -0.7 -4.83 1.27 4.05 8.22 -0.46 -0.64 -0.11 0.48 -0.01 0.01 0 0 -0.01 0 0.02 0.01 -0.06 0 -0.01 0.01 -0.01 0 0.01 0.01 0 -0.01 0.01 0 0 0 0 0 0 0 -0.02 0 0.01 -0.01 0 0 0 0 -0.01 -0.01 0.01 -0.01 0 0 0.03 0.01 0.01 0 0 -23.83 14.52 -3.83 23.87 7.33 -2.67 0.83 7.81 -1.78 4.19 -5.97 3.52 -12 -0.18 6.81 -5.3 10.24 -6.69 16.89 -0.53 -3.62 3.03 -2.41 1.44 2.05 0.22 -21.97 6.67 3.17 2.18 2.39 3.02 -1.61 0.69 -4.18 -1.44 0.85 -5.47 1.39 5.83 5.9 -0.16 -0.86 -5.25 -1.92 -4.24 6.37 -2.47 4.05 6.66 -2.44 -2.72 5.83 -2.56 -1.8 -1.56 0.63 -4.76 1.66 2.81 -1.02 4.32 -4.61 20.23 -0.01 -5.07 0.79 0.24 2.51 1.25 3.92 -6.66 -2.13 1.01 -0.11 3.22 0.28 1.94 -2.15 1 -1.57 0.1 -1.69 -0.66 1.32 5.7 -0.41 -0.99 -2.02 -1.21 -3.52 0.18 -0.28 0.3 2.18 -4.72 -1.62 5.01 -1.23 0.5 -3.92 2.95 -8.29 -0.3 0.47 -5.41 -0.03 -2.42 22.22 -4.89 -6.46 -4.06 -0.77 -0.32 -1.27 -0.13 -3.69 4.63 -0.74 0.56 -1.13 4.64 0.12 -0.89 3.83 0.89 3.04 3.41 0.6 0.59 7.25 -1.1 -0.28 1.63 -0.64 194112 194201 194202 194203 194204 194205 194206 194207 194208 194209 194210 194211 194212 194301 194302 194303 194304 194305 194306 194307 194308 194309 194310 194311 194312 194401 194402 194403 194404 194405 194406 194407 194408 194409 194410 194411 194412 194501 194502 194503 194504 194505 194506 194507 194508 -8.05 0.22 -2.96 -6.63 -2.18 1.11 1.51 8.11 1.47 5.21 7.63 -1.55 6.43 8.93 9.31 12.49 12.73 15.59 -3.65 -13.41 -1.09 6.05 0.28 -14.25 15.6 3.13 0.13 7.72 -2.42 5.92 2.51 -2.57 7.07 -1.92 -2.71 3.52 9.73 3.48 10.95 -5.58 14.52 1.74 7.94 -8.28 3.02 0.01 0.02 0.01 0.01 0.01 0.03 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.03 0.03 0.03 0.03 0.03 0.02 0.03 0.03 0.02 0.03 0.02 0.02 0.03 0.03 0.02 0.03 0.03 -4.86 0.81 -2.45 -6.57 -4.36 5.97 2.71 3.54 1.83 2.64 6.85 0.18 5.15 7.16 6.18 6.04 0.84 5.77 1.85 -4.74 1.33 2.43 -1.12 -5.88 6.39 1.77 0.4 2.48 -1.66 5.1 5.52 -1.46 1.6 0.03 0.19 1.74 4.05 2.04 6.25 -3.87 7.83 1.76 0.41 -2.14 6.23 -2.98 7.52 1.72 1.78 -0.6 -3.05 -1.22 -0.16 -0.09 0.66 1.82 -1.54 -2.49 8.78 4.84 5.03 2.06 4.41 -1.06 -2.41 -0.62 1.28 0.58 -1.64 3.34 2.56 -0.1 1.71 -1.35 1.67 4.04 0.55 2.41 0.47 -0.14 0.37 2.24 2.44 1.56 -1.61 0.32 1.51 3.1 -1.46 1.61 -5.94 10.1 -1.13 -0.62 2.09 -2.65 0.54 2.4 1.33 2.39 6.47 -4.24 0.56 8.23 6.51 5.48 5.86 3.28 -0.74 -2.27 -0.47 1.43 1.65 -4.04 3.22 2.17 0.83 3.43 -1.13 1.02 1.82 -0.43 -1.63 -1.21 -0.34 2.31 5.91 0.71 4.4 -1.78 3.21 0.35 4.32 -2.71 -4.4 194509 194510 194511 194512 194601 194602 194603 194604 194605 194606 194607 194608 194609 194610 194611 194612 194701 194702 194703 194704 194705 194706 194707 194708 194709 194710 194711 194712 194801 194802 194803 194804 194805 194806 194807 194808 194809 194810 194811 194812 194901 194902 194903 194904 194905 8.13 9.2 8.96 5.74 11.11 -6.58 8.32 4.77 3.11 -4.38 -2.36 -6.63 -14.19 -1.6 0.16 7.43 -2.98 -2.41 -0.16 -4.38 -0.44 5.23 3.79 -2.44 -0.07 4.5 -0.41 5.31 -4.72 -3.66 12.83 7.03 7.76 3.3 -6.09 -0.19 -5.94 7.07 -11.72 5.5 -1.65 -4.2 6.84 -0.43 -2.21 0.03 0.03 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.06 0.06 0.06 0.08 0.07 0.07 0.09 0.08 0.08 0.09 0.08 0.09 0.04 0.04 0.04 0.04 0.1 0.09 0.1 0.09 0.1 4.8 3.92 5.41 1.23 6.27 -5.8 5.9 4.26 3.96 -3.86 -2.66 -6.41 -10.14 -1.41 0.02 4.99 1.28 -1.05 -1.64 -4.77 -0.94 5.32 4.17 -1.71 -0.48 2.53 -1.91 3.08 -3.86 -4.31 8.16 3.73 7.38 -0.01 -5.01 0.34 -2.93 6 -9.26 3.3 0.33 -2.84 4.14 -1.78 -2.84 1.71 2.46 4.16 2.12 4.02 -0.73 0.31 2.37 1.46 -1.53 -2.06 -1.78 -4.41 0.09 -0.4 0.06 2.18 0.68 -1.61 -3.97 -3.26 -0.31 1.43 0.3 1.64 0.51 -1.74 -2.48 2.49 -1.71 0.13 -1.66 0.93 -1.86 -0.32 -1.1 -1.23 -1.5 -0.62 -2.8 1.81 -1.89 2.48 -0.89 -0.77 0.48 2.25 4.34 -2.32 2.21 -1.27 -0.36 0.45 1.09 -0.59 0.04 0.6 -1.96 3.44 1.52 -1.38 -0.73 0.14 0.61 0.85 0.34 -0.6 2.82 0.16 1.36 0.08 1.06 3.69 1.38 0.07 4.49 4.1 -1.23 2.75 0.07 0.27 -1.79 0.56 -4.14 -1.94 1.17 -0.91 1.34 -1.18 -2.42 194906 194907 194908 194909 194910 194911 194912 195001 195002 195003 195004 195005 195006 195007 195008 195009 195010 195011 195012 195101 195102 195103 195104 195105 195106 195107 195108 195109 195110 195111 195112 195201 195202 195203 195204 195205 195206 195207 195208 195209 195210 195211 195212 195301 195302 -0.48 4.8 2.57 4.67 5.18 3.67 6.44 2.85 2.06 1.87 3.3 3.53 -7.26 0.38 7.95 3.87 1.7 1.46 9.57 6.37 -0.72 -4.66 7.8 -3.73 -3.99 11.91 2.06 -0.94 0.58 0.88 5.11 3.92 -3.98 7.36 -7.64 3.79 4.79 -0.41 0.43 -0.9 -0.92 6.61 5.11 -0.35 -0.62 0.1 0.09 0.09 0.09 0.09 0.08 0.09 0.09 0.09 0.1 0.09 0.1 0.1 0.1 0.1 0.1 0.12 0.11 0.11 0.13 0.1 0.11 0.13 0.12 0.12 0.13 0.13 0.12 0.16 0.11 0.12 0.15 0.12 0.11 0.12 0.13 0.15 0.15 0.15 0.16 0.14 0.1 0.16 0.16 0.14 0.2 5.63 2.69 3.18 3.23 1.9 5.22 1.79 1.57 1.36 4.03 4.41 -5.84 1.46 4.95 4.91 -0.06 2.87 5.65 5.83 1.51 -2.04 4.99 -2.22 -2.5 7.07 4.4 0.82 -2.37 0.68 3.45 1.6 -2.5 4.55 -4.85 3.33 3.98 1.06 -0.61 -1.87 -0.52 6.04 3.09 -0.18 -0.13 -0.88 0.57 0.13 1.05 1.03 -0.93 2.07 3.36 0.04 -1.41 1.99 -2.12 -2.38 0.51 0.73 0.57 -0.58 -0.84 1.49 1.73 0.09 -0.64 -1.49 -0.01 -1.95 -1.92 0.84 1.88 -0.28 -0.44 -2.06 -0.76 0.67 -3.02 0.38 -1.06 -1.6 -0.35 1.21 1.19 -1.1 -0.69 -1.42 3.54 2.16 -1.76 0.38 -0.57 0.23 -0.49 -0.91 1.75 0.14 -0.81 -2.77 1.34 0.46 -0.78 13.66 -1.41 -1.11 1.44 3.17 7.23 3.72 -2.83 -4.22 3.28 -1.33 -3.96 1.91 0.25 0.64 0.24 0.26 -1.93 1.82 -0.22 2.21 0.25 0.2 1.18 -0.4 -0.12 -1.59 -0.46 0.88 0 1.28 -0.13 195303 195304 195305 195306 195307 195308 195309 195310 195311 195312 195401 195402 195403 195404 195405 195406 195407 195408 195409 195410 195411 195412 195501 195502 195503 195504 195505 195506 195507 195508 195509 195510 195511 195512 195601 195602 195603 195604 195605 195606 195607 195608 195609 195610 195611 -3.81 -1.83 1.51 -2.37 2.18 -5.76 1.32 3.69 4.7 1.19 4.85 3.49 7.23 8.13 0.96 4.85 2.84 -4.18 7.14 -0.34 10.75 6.52 4.16 3.7 1.76 2.82 1.96 8.21 -0.39 3.83 5.48 -5.26 9.01 -1.01 -5.94 5.37 6.65 1.92 -5.54 3.36 8.06 -4.63 -6.88 1.18 2.56 0.18 0.16 0.17 0.18 0.15 0.17 0.16 0.13 0.08 0.13 0.11 0.07 0.08 0.09 0.05 0.06 0.05 0.05 0.09 0.07 0.06 0.08 0.08 0.09 0.1 0.1 0.14 0.1 0.1 0.16 0.16 0.18 0.17 0.18 0.22 0.19 0.15 0.19 0.23 0.2 0.22 0.17 0.18 0.25 0.2 -1.25 -2.67 0.69 -1.71 2.55 -4.35 0.36 4.73 2.91 0.16 5.24 1.74 3.73 4.36 3.14 1.13 5.04 -2.29 6.48 -1.6 9.44 5.56 0.68 3.11 -0.06 3.21 1.07 6.65 2 0.37 -0.2 -2.5 7.2 1.67 -2.81 3.96 6.79 0.47 -4.97 3.68 5.06 -3.01 -4.96 0.77 0.56 -0.14 0.27 -0.03 -1.85 -1.01 0.44 -0.81 -1.4 -1.23 -0.72 0.42 -0.21 -0.51 -3.46 0.36 0.4 1.05 2.68 -2.56 0.57 -2.65 2.15 0.24 1.54 -0.69 -1.78 -0.28 -4.65 -1.36 -0.38 0.3 1.5 -2.46 2.09 0.44 -1.03 -2.41 0.06 1.51 -1.47 -1.8 2.02 1.62 -0.13 -0.28 -1.03 1.45 0.13 -0.47 -0.37 -3.62 -2.55 -0.03 -0.4 -2.96 3.53 -0.23 -1.55 -0.5 2.53 -0.05 4.13 -1.44 0.68 0.71 4.18 5.74 2.22 0.61 2.01 0.74 -0.87 1.86 0.63 0.59 -1.06 -0.03 0.51 -2.26 1.12 -0.55 -0.15 -0.16 -1.34 -1.3 0.19 -0.86 1.75 0.01 1.99 195612 195701 195702 195703 195704 195705 195706 195707 195708 195709 195710 195711 195712 195801 195802 195803 195804 195805 195806 195807 195808 195809 195810 195811 195812 195901 195902 195903 195904 195905 195906 195907 195908 195909 195910 195911 195912 196001 196002 196003 196004 196005 196006 196007 196008 7.38 -5.66 -0.84 3.94 7.07 5.6 2.4 -1.15 -6.91 -5.89 -3.08 6.62 -2.52 2.23 0.2 4.92 3.5 1.29 3.36 1.71 2.42 5.62 6.14 6.88 5.28 0.47 4.2 3.91 8.74 0.15 5.83 -0.32 -2.39 -5.18 8.72 6.38 1.08 -7.86 6.49 -1.31 1.35 8.78 3.11 -3.58 2.99 0.24 0.27 0.24 0.23 0.25 0.26 0.24 0.3 0.25 0.26 0.29 0.28 0.24 0.28 0.12 0.09 0.08 0.11 0.03 0.07 0.04 0.19 0.18 0.11 0.22 0.21 0.19 0.22 0.2 0.22 0.25 0.25 0.19 0.31 0.3 0.26 0.34 0.33 0.29 0.35 0.19 0.27 0.24 0.13 0.17 3.4 -3.31 -1.82 2.36 4.51 3.71 -0.5 0.96 -4.86 -5.72 -4.03 2.58 -3.67 4.94 -1.4 3.36 3.17 2.42 2.96 4.46 1.95 4.85 2.71 3.12 5.37 0.92 1.14 0.5 3.86 1.95 0 3.42 -1.2 -4.49 1.58 1.86 2.79 -6.65 1.46 -1.28 -1.52 3.39 2.32 -2.24 3.18 -0.2 3.57 -0.74 0.27 -1.79 -1.09 0.58 -0.76 0.07 0.07 -2.52 0.41 -0.92 4.37 0.7 0.63 -0.59 2.23 -0.24 0.48 1.17 0.14 1.13 2.04 -2.05 3 1.53 1.49 -0.54 -2.11 0.66 -0.33 -0.78 -0.08 1.43 1.29 -0.6 2.05 0.56 -0.47 0.39 1.27 -0.17 -0.57 0.88 -1.87 2.55 -0.7 -0.48 -1.25 -2.07 -0.07 0.39 -0.45 0.88 -1.83 -2.9 -1.72 4.22 0.28 -0.92 1.47 -0.35 0.51 3.1 0.31 2.98 -1.18 -1.28 -0.08 3.03 0.99 -0.38 -1.32 1.78 1.38 0.28 0.4 0.5 -2.04 -3.27 -0.08 2.69 -2.03 -2.84 -2.37 -3.72 -0.26 2.12 -0.17 196009 196010 196011 196012 196101 196102 196103 196104 196105 196106 196107 196108 196109 196110 196111 196112 196201 196202 196203 196204 196205 196206 196207 196208 196209 196210 196211 196212 196301 196302 196303 196304 196305 196306 196307 196308 196309 196310 196311 196312 196401 196402 196403 196404 196405 -7.78 -1.17 9.35 7.99 4.55 4.91 4.51 0.6 1.34 -2.08 1.83 6.55 -2.48 3.64 8.56 -4.38 -6.31 1.81 -2.28 -4.37 -10.83 -5.7 6.19 2.59 -2 -0.26 8.22 4.66 3.35 -1.6 5.25 5.05 3.13 -2.12 0.22 9.22 -2.05 5.28 -0.09 0.73 1.95 3.62 3.58 -0.41 4.19 0.16 0.22 0.13 0.16 0.19 0.14 0.2 0.17 0.18 0.2 0.18 0.14 0.17 0.19 0.15 0.19 0.24 0.2 0.2 0.22 0.24 0.2 0.27 0.23 0.21 0.25 0.2 0.23 0.25 0.23 0.23 0.25 0.24 0.23 0.27 0.25 0.27 0.29 0.27 0.29 0.3 0.26 0.31 0.29 0.26 -5.83 -0.49 4.82 4.87 6.39 3.71 3.09 0.46 2.58 -2.88 3.01 2.71 -1.98 2.76 4.6 0.01 -3.63 2.01 -0.48 -6.37 -8.41 -8.27 6.55 2.36 -5.01 0.2 11.07 1.24 5.18 -2.15 3.31 4.76 2 -1.77 -0.12 5.32 -1.3 2.82 -0.58 2.12 2.54 1.8 1.72 0.39 1.68 -1.14 -3.95 0.29 -1.6 0.68 3.94 3.19 0.12 1.93 -2.48 -1.9 -1.81 -1.12 -1.98 1.05 -1.12 1.84 -1.19 0.23 -0.98 -3.01 -0.77 1.6 1.24 -2.48 -4.01 2.58 -3.79 3.1 0.48 -2.51 -1.32 1.07 -0.27 -0.55 -0.94 -0.3 -0.53 -1.11 -1.96 -0.2 0.08 0.98 -1.41 -0.87 1.62 2.61 -2.4 -0.71 3.67 -0.68 -0.68 2.04 0.51 -0.19 -0.13 -0.19 -0.48 0.61 -0.9 2.21 4.99 0.89 -1.01 0.48 2.31 2.8 -3.6 -1.24 1.32 1.36 1.04 0.33 2.19 2.25 1.93 1.03 2.56 0.73 -0.82 1.63 0.19 -0.11 1.66 -0.11 1.64 2.83 3.36 -0.42 1.88 196406 196407 196408 196409 196410 196411 196412 196501 196502 196503 196504 196505 196506 196507 196508 196509 196510 196511 196512 196601 196602 196603 196604 196605 196606 196607 196608 196609 196610 196611 196612 196701 196702 196703 196704 196705 196706 196707 196708 196709 196710 196711 196712 196801 196802 0.98 0.7 -0.91 6.37 0.01 0.07 -0.94 4.63 2.95 0.32 5.77 -0.82 -9.54 7.47 7.71 4.93 7.74 8.51 4.1 9.12 8.31 1.05 5.17 -11.03 3.6 -2.15 -9.06 -4.84 -5.44 12.11 1.42 8.52 5.27 6.4 6.42 -3.15 8.35 7.32 -1.77 4.5 0.67 1.14 9.09 -7.12 -9.04 0.3 0.3 0.28 0.28 0.29 0.29 0.31 0.28 0.3 0.36 0.31 0.31 0.35 0.31 0.33 0.31 0.31 0.35 0.33 0.38 0.35 0.38 0.34 0.41 0.38 0.35 0.41 0.4 0.45 0.4 0.4 0.43 0.36 0.39 0.32 0.33 0.27 0.31 0.31 0.32 0.39 0.36 0.33 0.4 0.39 1.57 2.04 -1.16 2.97 0.88 0.29 0.34 3.82 0.74 -0.98 3.42 -0.46 -5.16 1.74 3.06 3.17 2.91 0.32 1.34 1.1 -0.86 -2.13 2.48 -5.25 -1.06 -1.28 -7.5 -0.66 4.31 1.8 0.53 8.58 1.14 4.38 4.21 -4 2.68 4.89 -0.58 3.43 -2.7 0.73 3.38 -3.66 -3.36 -0.28 0.23 0.09 -0.52 0.45 0.6 -0.24 2.67 3.48 1.79 1.19 0.03 -4.35 0.85 2.84 0.62 2.43 4.68 2.07 3.85 4.45 0.95 3.43 -4.65 1.06 -0.32 -3.32 -1.1 -6.59 4.33 1.85 8.43 3.37 1.74 0.57 2 5.99 3.09 0.48 3.09 1.42 0.2 5.73 3.89 -2.96 0.72 0.7 0.12 1.65 1.14 -1.96 -2.58 0.2 0.19 1.07 0.7 -1.62 0.58 2.21 -1.07 -0.11 1.6 0.23 2.08 3.57 0.36 -2.05 -0.44 -1.65 0.49 0.82 0.56 0.5 2.81 -4.6 -1.29 2.03 -2.26 0.19 -2.54 0.89 0.94 2.65 1.47 -2.47 -3.39 -1.71 -0.39 4.76 1.17 196803 196804 196805 196806 196807 196808 196809 196810 196811 196812 196901 196902 196903 196904 196905 196906 196907 196908 196909 196910 196911 196912 197001 197002 197003 197004 197005 197006 197007 197008 197009 197010 197011 197012 197101 197102 197103 197104 197105 197106 197107 197108 197109 197110 197111 2.73 19.51 10.27 0.88 -4.41 4.71 10.04 -1.61 10.03 -3.57 -1.88 -10.14 5.57 3.53 2.88 -11.28 -7.44 10.5 -2.82 6.72 -0.54 1.37 -7.05 3.19 -2.96 -11.41 -6.52 -0.93 4.26 1.75 4.15 -1.22 5.74 3.32 2.13 3.98 5.16 4.99 -2.94 2.61 -6.22 8.79 0.45 -4.09 1.06 0.38 0.43 0.45 0.43 0.48 0.42 0.43 0.44 0.42 0.43 0.53 0.46 0.46 0.53 0.48 0.51 0.53 0.5 0.62 0.6 0.52 0.64 0.6 0.62 0.57 0.5 0.53 0.58 0.52 0.53 0.54 0.46 0.46 0.42 0.38 0.33 0.3 0.28 0.29 0.37 0.4 0.47 0.37 0.37 0.37 0.58 9.48 2.73 1.12 -2.24 1.76 4.46 0.86 5.85 -3.51 -0.72 -5.38 3.1 1.99 0.38 -6.67 -6.47 5.18 -2.36 5.66 -3.27 -1.99 -7.5 5.75 -0.49 -10.5 -6.39 -5.21 7.45 5.02 4.72 -1.82 5.05 6.14 5.22 1.74 4.43 3.43 -3.69 0.27 -4.1 4.26 -0.48 -4.05 -0.09 -1.29 5.73 6.41 -0.17 -1.31 2.35 2.79 -0.48 2.36 3.44 -0.79 -3.88 -0.25 -0.87 -0.27 -5.39 -3.2 0.93 1.22 3.8 -2.53 -3.66 2.91 -2.38 -2.32 -6.11 -4.5 -2.13 -0.56 1.53 8.63 -4.22 -4.07 2.93 7.44 1.9 2.57 -0.48 -1.1 -1.43 -1.5 -0.19 0.41 -1.78 -2.83 -0.59 -1.03 0.84 0.67 5.48 1.01 0.24 2.9 -0.9 0.02 1.69 0.92 -0.45 0.05 0.73 -1.09 1.43 -3.86 -3.22 -3.22 -1.11 -3.07 3.06 4.03 4.25 6.4 3.65 0.79 1.03 1.07 -5.5 0.2 1.68 0.99 1.35 -1.34 -4 0.74 -1.38 -2 0.14 2.72 -2.95 -0.48 -1.75 197112 197201 197202 197203 197204 197205 197206 197207 197208 197209 197210 197211 197212 197301 197302 197303 197304 197305 197306 197307 197308 197309 197310 197311 197312 197401 197402 197403 197404 197405 197406 197407 197408 197409 197410 197411 197412 197501 197502 197503 197504 197505 197506 197507 197508 10.84 5.9 5.58 1.37 1.26 5.44 0.61 -0.29 -1.54 0.49 1.71 1.48 5.31 -2.97 -5.11 1.79 -3.1 -0.13 0.73 2.3 -3.02 5.3 3.94 -9.54 7.62 -6.24 1.63 -5.15 -4.95 -8.69 -1.36 -4.25 -8.86 -8.98 20.41 -3.75 -3.48 11.44 4.05 7.16 7.74 5.03 5.58 -4.05 -2.52 0.37 0.29 0.25 0.27 0.29 0.3 0.29 0.31 0.29 0.34 0.4 0.37 0.37 0.44 0.41 0.46 0.52 0.51 0.51 0.64 0.7 0.68 0.65 0.56 0.64 0.63 0.58 0.56 0.75 0.75 0.6 0.7 0.6 0.81 0.51 0.54 0.7 0.58 0.43 0.41 0.44 0.44 0.41 0.48 0.48 9.08 2.78 3.12 0.9 0.58 1.55 -2.14 -0.49 3.55 -0.8 0.92 4.97 0.99 -2.85 -4.44 -0.83 -5.16 -2.43 -1.05 5.68 -3.14 5.43 -0.21 -12.18 1.22 0.46 0.1 -2.25 -4.54 -3.92 -2.23 -7.35 -8.75 -10.96 16.61 -3.97 -2.74 14.24 5.99 3.07 4.67 5.63 5.23 -6.11 -2.37 3.28 6.11 1.39 -0.27 -0.02 -2.79 0.32 -2.89 -4.07 -2.69 -2.71 -1.12 -1.86 -3.5 -3.99 -2.87 -3.99 -6.12 -2.94 7.86 -2.04 2.91 -0.17 -7.7 -5.33 9.87 0.01 2.48 -0.72 -3.04 -0.18 0.9 -0.69 0.26 -3.5 -1.18 -4.84 11.01 0.17 3.77 -0.52 3.84 0.77 2.68 -3.2 -0.24 2.06 -2.75 -1.66 0.39 -2.73 -2.42 0.77 4.64 0.5 1.32 4.76 -2.26 2.7 1.7 2.83 5.69 0.21 1.42 -5.18 1.19 2.11 1.74 4.01 4.24 5.86 2.55 -0.09 1.01 -2.07 0.77 5.22 2.56 5.54 -9.72 -0.1 0.07 8.22 -4.5 2.41 -1.11 -4.08 1.28 1.69 -0.9 197509 197510 197511 197512 197601 197602 197603 197604 197605 197606 197607 197608 197609 197610 197611 197612 197701 197702 197703 197704 197705 197706 197707 197708 197709 197710 197711 197712 197801 197802 197803 197804 197805 197806 197807 197808 197809 197810 197811 197812 197901 197902 197903 197904 197905 -1.77 3.15 1.55 -1.32 19.45 5.22 0.78 -2.61 -2.69 4.61 -1.12 -2.26 2.37 -3.41 3.62 8.29 2.53 -1.9 -0.69 3.94 0.59 7.16 -1.2 -2.04 1 -4.65 8.59 1.7 -3.88 1.42 6.57 10.06 8.94 2.13 9.93 10.41 -4.59 -23.01 10.96 3.54 6.62 -4.32 10.57 1.55 -0.94 0.53 0.56 0.41 0.48 0.47 0.34 0.4 0.42 0.37 0.43 0.47 0.42 0.44 0.41 0.4 0.4 0.36 0.35 0.38 0.38 0.37 0.4 0.42 0.44 0.43 0.49 0.5 0.49 0.49 0.46 0.53 0.54 0.51 0.54 0.56 0.56 0.62 0.68 0.7 0.78 0.77 0.73 0.81 0.8 0.82 -3.73 5.87 3.06 -1.12 12.63 0.66 2.73 -1.07 -0.98 4.48 -0.6 -0.14 2.5 -2.01 0.76 6.05 -3.69 -1.6 -0.99 0.53 -1.09 5.11 -1.27 -1.31 0.16 -3.89 4.5 0.76 -5.52 -0.92 3.38 8.42 2.27 -1.15 5.67 4.31 -0.81 -11.23 3.41 1.66 5 -2.83 6.49 0.74 -1.39 -0.13 -4.02 -1.19 -0.76 4.81 7.04 -1.16 -0.04 -1.25 -1.35 0.3 -2 -0.01 0.25 2.35 3 4.78 1.1 1 -0.11 1.2 2.13 2.13 1.51 1.45 1.27 3.69 1.33 2.22 3.56 3.45 0.38 4.56 1.69 0.28 5.1 -0.41 -9.9 3.01 1.25 3.68 0.45 3.19 2.16 0.53 0.35 0.3 1.99 1.76 8.57 5.77 -0.02 -0.06 -1.33 0.68 1.74 0.77 -0.29 -0.13 1.52 2.22 4.27 0.49 1.03 3.45 0.83 -0.65 -0.61 -2.79 -0.49 1.71 0.37 -0.35 3.28 0.8 1.27 -3.48 -0.63 0.59 -1.09 -0.48 1.87 1.36 -2.21 -2.19 2.24 1.18 -0.65 1.07 1.88 197906 197907 197908 197909 197910 197911 197912 198001 198002 198003 198004 198005 198006 198007 198008 198009 198010 198011 198012 198101 198102 198103 198104 198105 198106 198107 198108 198109 198110 198111 198112 198201 198202 198203 198204 198205 198206 198207 198208 198209 198210 198211 198212 198301 198302 6.8 1.88 7.34 4.19 -6.5 12.55 8.92 13.83 5.17 -21.19 6.85 3.77 6.31 6.4 5.17 8.35 5.29 17.09 -7.49 -11.26 -0.08 8.29 0.54 6.3 -8.46 -2.41 -8.48 -8.69 12.06 2.76 -2.63 -3.56 -4.9 -0.52 5.22 -1.98 0.84 -1.38 9.69 4.82 13.93 10.13 0.14 2.54 6.89 0.81 0.77 0.77 0.83 0.87 0.99 0.95 0.8 0.89 1.21 1.26 0.81 0.61 0.53 0.64 0.75 0.95 0.96 1.31 1.04 1.07 1.21 1.08 1.15 1.35 1.24 1.28 1.24 1.21 1.07 0.87 0.8 0.92 0.98 1.13 1.06 0.96 1.05 0.76 0.51 0.59 0.63 0.67 0.69 0.62 4.66 1.59 6.3 0.01 -7.23 6.2 2.74 6.31 -0.33 -11.69 5.23 6.07 3.67 7.02 2.44 2.94 2.01 10.55 -3.21 -4 1.63 4.77 -1.02 1.26 -1.01 -0.3 -5.75 -5.93 6.13 4.43 -2.78 -2.44 -4.94 -0.89 4.4 -2.93 -2.13 -2.14 11.9 1.8 11.89 5.3 1.22 4.29 3.21 1.18 1.26 2.07 -0.24 -3.32 2.74 4.19 1.65 -1.81 -6.64 0.96 2.13 1.67 4.24 3.91 0.88 2.47 -3.45 -0.27 3 -0.3 3.58 4.42 2 -0.85 -2.18 -1.95 -2.66 2.14 -0.97 1.18 -1.29 0.48 -0.2 1.51 0.47 -0.4 0.84 -4.11 2.88 2.36 4.77 -0.18 2.69 3.23 1.48 1.68 -1.49 -0.89 -1.89 -3.27 -2.03 1.85 0.62 -1.06 1.05 0.44 -0.88 -6.3 -2.64 -4.79 -2.73 -8.34 2.68 6.84 0.96 0.67 2.26 -0.42 5.12 -0.63 4.83 5.18 -4.21 1.89 0.75 3.14 6.07 3.78 -2.81 1.82 1.51 0.15 1.16 0.34 -3.68 -1.96 0.01 -0.86 0.67 198303 198304 198305 198306 198307 198308 198309 198310 198311 198312 198401 198402 198403 198404 198405 198406 198407 198408 198409 198410 198411 198412 198501 198502 198503 198504 198505 198506 198507 198508 198509 198510 198511 198512 198601 198602 198603 198604 198605 198606 198607 198608 198609 198610 198611 4.88 10.69 4.74 5.77 -7.9 -4.5 1.13 -9.41 5.33 -2.73 -6.66 -6.03 2.31 1.66 -5.46 1.51 -2.14 8.73 1.27 0.64 -1.28 2.67 6.45 2.94 -0.54 0.03 7.59 3.82 -1.54 -0.89 -5.05 7.45 7.99 3.97 4.55 8.48 5.83 0.17 6.72 3.26 -7.51 3.79 -11.46 7.29 0.55 0.63 0.71 0.69 0.67 0.74 0.76 0.76 0.76 0.7 0.73 0.76 0.71 0.73 0.81 0.78 0.75 0.82 0.83 0.86 1 0.73 0.64 0.65 0.58 0.62 0.72 0.66 0.55 0.62 0.55 0.6 0.65 0.61 0.65 0.56 0.53 0.6 0.52 0.49 0.52 0.52 0.46 0.45 0.46 0.39 3.45 7.38 1.21 3.74 -3.33 0.26 1.68 -2.68 2.86 -1.05 -1.16 -4.11 1.36 0.29 -5.19 2.57 -1.92 11.11 0.06 0.16 -1.03 2.48 8.64 1.8 -0.22 -0.24 5.75 1.82 -0.12 -0.47 -3.94 4.67 7.09 4.53 1.21 7.66 5.48 -0.79 5.11 1.55 -5.93 6.53 -8.15 5.12 1.56 1.78 0.54 6.15 0.9 1.47 -4.29 0.56 -3.6 2.03 -0.29 -0.43 -1.7 0.06 -1.19 0.05 -0.31 -2.21 -0.25 0.22 -1.21 -0.61 -0.6 3.27 0.77 -1.14 0.15 -2.25 0.52 2.85 -0.34 -1.58 -1.57 0.22 -0.5 1.22 -0.65 -0.51 2.84 -1.31 -0.9 -3.38 -4.18 2.28 -2.49 -1.92 2.07 0.6 -1.39 -3.86 5.58 5.52 1.06 5.02 -0.64 1.68 7.6 3.3 0.48 1.24 0.24 -2.61 0.43 -1.81 5.28 0.49 4.05 -0.16 -5.4 -0.14 4.05 3.71 -0.85 0.48 -1.66 2.25 1.32 0.78 -2.92 -1.58 0.56 -0.93 -0.47 -2.91 -0.11 1.39 4.77 3.51 3.19 -1.34 -0.05 198612 198701 198702 198703 198704 198705 198706 198707 198708 198709 198710 198711 198712 198801 198802 198803 198804 198805 198806 198807 198808 198809 198810 198811 198812 198901 198902 198903 198904 198905 198906 198907 198908 198909 198910 198911 198912 199001 199002 199003 199004 199005 199006 199007 199008 -2.19 18.21 5.27 4.09 0.39 0.71 3.76 5.59 4.11 -0.29 -26.74 -6.29 8.06 -2.09 7.54 0.17 1.77 -0.96 3.96 -1.16 -3 4.43 1.77 -2.06 2.13 6.73 1.51 4.58 5.65 5.42 -0.32 9.43 2.15 3.85 -4.33 1.26 -0.44 -10.96 1.43 3.87 -1.57 13.28 1.69 -1.76 -10.3 0.49 0.42 0.43 0.47 0.44 0.38 0.48 0.46 0.47 0.45 0.6 0.35 0.39 0.29 0.46 0.44 0.46 0.51 0.49 0.51 0.59 0.62 0.61 0.57 0.63 0.55 0.61 0.67 0.67 0.79 0.71 0.7 0.74 0.65 0.68 0.69 0.61 0.57 0.57 0.64 0.69 0.68 0.63 0.68 0.66 -2.78 12.89 4.82 2.11 -1.67 0.49 4.42 4.31 3.99 -2.14 -22.64 -7.42 7.2 4.5 5.21 -1.83 1.02 0.22 5.28 -0.74 -2.72 3.92 1.76 -1.72 2.12 6.65 -1.64 2.24 5 4.14 -0.64 7.9 2.18 -0.11 -2.99 1.72 1.77 -7.28 1.68 2.47 -2.67 9.1 -0.46 -1.22 -9.48 0.08 -1.8 3.49 0.37 -1.7 -0.52 -2.19 -0.63 -0.75 0.53 -8.42 2.76 0.13 -0.7 3.35 6.15 0.96 -2.65 2.12 -0.21 0.08 -1.26 -2.9 -1.73 1.94 -2.13 2.76 0.73 -0.59 -0.03 -1.01 -4.02 0.5 0.28 -3.3 -1.24 -2.41 -1.28 1.03 1.52 -0.5 -2.56 1.43 -3.2 -3.58 0.33 -3.17 -5.98 1.64 -0.32 0.12 1.06 0.71 -0.93 0.28 4.23 3.08 -4.45 5.17 -1.65 0.75 1.68 2.28 -1.11 2.27 2.08 -0.69 1.68 1.27 -1.55 0.53 0.88 0.48 -1.47 -0.83 2.16 -2.83 0.73 -1.33 -1.03 -1.11 0.3 0.86 0.61 -2.89 -2.55 -3.73 -1.95 -0.01 1.63 199009 199010 199011 199012 199101 199102 199103 199104 199105 199106 199107 199108 199109 199110 199111 199112 199201 199202 199203 199204 199205 199206 199207 199208 199209 199210 199211 199212 199301 199302 199303 199304 199305 199306 199307 199308 199309 199310 199311 199312 199401 199402 199403 199404 199405 -6.54 -0.9 5.5 1.69 6.05 9.34 6.5 -1.47 4.05 -4.63 7.76 5.83 0.66 3.84 -5.39 17.72 2.45 0.84 -4.04 -2.47 2.31 -4.1 4.06 -4.52 4.3 5.29 8.5 6.07 6.36 -0.68 4.71 -3.24 8.1 3.03 0.75 8.6 4.88 0.86 -4.81 3.07 4.8 -1.18 -5.48 0.32 -2.35 0.6 0.68 0.57 0.6 0.52 0.48 0.44 0.53 0.47 0.42 0.49 0.46 0.46 0.42 0.39 0.38 0.34 0.28 0.34 0.32 0.28 0.32 0.31 0.26 0.26 0.23 0.23 0.28 0.23 0.22 0.25 0.24 0.22 0.25 0.24 0.25 0.26 0.22 0.25 0.23 0.25 0.21 0.27 0.27 0.31 -5.52 -1.24 6.92 3.06 5.21 7.67 3.09 0.25 4.11 -4.52 4.73 2.78 -1.13 1.7 -3.8 11.21 -0.25 1.37 -2.31 1.4 0.58 -2.02 4.08 -2.12 1.45 1.25 4.36 1.81 1.16 0.35 2.55 -2.81 3.1 0.56 -0.1 3.97 0.14 1.63 -1.64 1.88 3.12 -2.35 -4.51 0.95 0.89 -3.67 -5.53 0.32 0.81 3.8 3.94 3.9 0.51 -0.34 0.07 -0.95 1.6 1.63 0.9 -0.47 -2.24 8.45 0.88 -1.03 -6.12 0.4 -3.09 -0.44 -0.11 0.56 2.04 3.69 1.65 2.05 -3.44 0.24 -0.7 1.96 -0.3 0.94 0.32 3.12 1.45 -1.43 1.22 0.13 2.73 -0.97 -0.92 -2.02 0.74 0.29 -3.11 -1.56 -1.84 -0.54 -1.24 1.4 -0.56 1.21 -1.27 -0.8 -0.98 -0.44 -1.91 -4.04 4.5 6.36 3.66 4.28 1.27 3.41 -0.53 -1.04 -0.21 -2.1 -1.48 2.51 5.89 6.42 1.24 2.61 -3.42 2.61 3.25 -0.45 -0.44 -1.55 -0.27 0.57 2.08 -1.44 1.32 1.68 0.19 199406 199407 199408 199409 199410 199411 199412 199501 199502 199503 199504 199505 199506 199507 199508 199509 199510 199511 199512 199601 199602 199603 199604 199605 199606 199607 199608 199609 199610 199611 199612 199701 199702 199703 199704 199705 199706 199707 199708 199709 199710 199711 199712 199801 199802 -6.1 2.51 8.45 0.82 2.95 -5.32 1.5 -1.83 4.23 3.98 4.72 2.67 7.21 6.54 0.74 3.27 -0.34 1.3 -1.42 2.69 3.55 0.47 6.35 5 -4.12 -10.83 5.79 8.02 -1.03 1.59 0.84 9.1 -6.84 -4.43 8.97 6.13 4.51 15.24 -2.68 6.92 -7.87 1.17 1.4 2.62 9.83 0.31 0.28 0.37 0.37 0.38 0.37 0.44 0.42 0.4 0.46 0.44 0.54 0.47 0.45 0.47 0.43 0.47 0.42 0.49 0.43 0.39 0.39 0.46 0.42 0.4 0.45 0.41 0.44 0.42 0.41 0.46 0.45 0.39 0.43 0.43 0.49 0.37 0.43 0.41 0.44 0.42 0.39 0.48 0.43 0.39 -2.72 3.1 4.38 -1.94 1.72 -3.67 1.3 2.22 4.03 2.64 2.55 3.44 3.19 4.17 1.02 3.78 -1.05 4.37 1.52 2.69 1.72 1.12 2.52 2.78 -0.74 -5.52 3.17 5.46 1.28 6.66 -1.24 5.44 -0.1 -4.6 4.47 7.23 4.47 7.76 -3.74 5.79 -3.38 3.37 1.8 0.58 7.42 -0.47 -1.72 1.33 2.82 -2.36 0.27 0.03 -2.65 -0.69 -0.7 -0.63 -2.2 2.93 2.09 1.6 -2.11 -3.74 -1.16 0.57 -2.61 1.87 1.3 4.92 3.03 -3.58 -3.84 2.29 -0.87 -4.47 -3.91 3.21 -1.84 -2.9 -0.38 -5.64 4.92 1.35 -2.79 7.29 2.61 -0.66 -4.96 -2.32 -1.16 0.01 1.68 0.6 -2.82 -1.91 -1.74 -0.95 0.53 0.81 1.04 -1.06 2.25 1.68 -2.27 -1.69 2.72 -0.76 -0.75 0.95 0.86 0.32 -1.44 0.99 -3.9 -1.21 1.55 4.42 -0.43 -3.13 5.1 1.21 0.86 -1.65 5.18 3.78 -0.07 -3.91 1.21 0.85 1.37 0.01 1.94 0.77 3.45 -1.43 -0.15 199803 199804 199805 199806 199807 199808 199809 199810 199811 199812 199901 199902 199903 199904 199905 199906 199907 199908 199909 199910 199911 199912 200001 200002 200003 200004 200005 200006 200007 200008 200009 200010 200011 200012 200101 200102 200103 200104 200105 200106 200107 200108 200109 200110 200111 6.51 5.52 -3.46 9.62 0.95 -16.85 8.52 4.21 7.53 12.99 9 -4.65 5.68 -0.84 -2.91 8.57 -1.69 0.99 0.18 5.97 10.42 21.79 -2.71 23.07 -0.65 -8.78 -11.54 13.24 -3.23 14.12 -11.73 -7.76 -24.58 5.93 -6.4 -4.29 -2.9 5.62 3.22 1.09 -2.89 -3.48 -7.37 1.03 4.88 0.39 0.43 0.4 0.41 0.4 0.43 0.46 0.32 0.31 0.38 0.35 0.35 0.43 0.37 0.34 0.4 0.38 0.39 0.39 0.39 0.36 0.44 0.41 0.43 0.47 0.46 0.5 0.4 0.48 0.5 0.51 0.56 0.51 0.5 0.54 0.38 0.42 0.39 0.32 0.28 0.3 0.31 0.28 0.22 0.17 5.15 1.16 -2.67 3.59 -2.06 -15.65 6.61 7.45 6.41 6.54 3.85 -3.73 3.88 4.7 -2.12 5.17 -3.09 -0.99 -2.42 6.52 3.73 8.16 -4.33 2.88 5.67 -5.94 -3.92 5.04 -2.03 7.53 -4.94 -2.2 -10.21 1.69 3.67 -9.67 -6.84 8.33 1.04 -1.66 -1.83 -6.15 -8.97 2.68 7.71 -0.93 0.22 -3.75 -3.14 -5.13 -5.3 -0.14 -3.3 1.06 -0.34 0.37 -5.64 -3.93 3.96 3.46 3.04 2.66 -1.35 3.33 -6.87 7.4 7.15 5.01 22.08 -17.17 -7.77 -4.94 13.95 -2.78 -1.11 -1.4 -3.77 -2.77 0.96 6.56 -0.72 0.39 0.5 2.6 6.03 -4.35 2.5 -6.11 7.56 -0.4 1.03 0.78 4.15 -2.34 -0.98 3.39 -3.26 -2.2 -3.13 -4.45 -4.03 1.37 -2.65 2.54 2.33 -3.58 -0.8 -1.27 -3.37 -2.98 -6.51 -8.68 -0.45 -10.49 7.86 8.57 2.39 -10.03 8.15 -0.69 6.23 5.55 11.29 7.3 -4.88 12.91 6.49 -4.69 3.13 -1.09 5.61 2.56 1.56 -8.02 2 200112 200201 200202 200203 200204 200205 200206 200207 200208 200209 200210 200211 200212 200301 200302 200303 200304 200305 200306 200307 200308 200309 200310 200311 200312 200401 200402 200403 200404 200405 200406 200407 200408 200409 200410 200411 200412 200501 200502 200503 200504 200505 200506 200507 200508 4.9 -0.27 -2.18 5.91 0.13 -2.45 -3.56 -11.82 1.38 -3.07 5.05 2.24 -1.74 -1.03 0.3 3.75 4.64 7.13 1.86 3.37 4.06 -1.77 11.76 3.2 -1.28 3.69 -0.07 -1.46 -7.7 2.75 1.8 -8.76 -1.91 7.33 2.7 9.93 2.08 -3.97 5.41 -1.55 -6.58 6.41 5.61 5.98 1.15 0.15 0.14 0.13 0.13 0.15 0.14 0.13 0.15 0.14 0.14 0.14 0.12 0.11 0.1 0.09 0.1 0.1 0.09 0.1 0.07 0.07 0.08 0.07 0.07 0.08 0.07 0.06 0.09 0.08 0.06 0.08 0.1 0.11 0.11 0.11 0.15 0.16 0.16 0.16 0.21 0.21 0.24 0.23 0.24 0.3 1.76 -1.3 -2.16 4.37 -5.05 -1.24 -7.08 -8.03 0.64 -10.21 7.98 6.08 -5.65 -2.47 -1.79 1.19 8.32 6.14 1.52 2.42 2.41 -1.16 6.15 1.42 4.37 2.22 1.46 -1.23 -1.75 1.23 1.94 -3.96 0.19 1.71 1.54 4.69 3.59 -2.6 2.05 -1.76 -2.4 3.89 0.8 4.16 -0.92 4.56 1.19 -1.14 4.26 5.94 -3.22 4.26 -5.37 -2.43 2.55 -2.86 2.95 0 1.44 -0.35 1 0.61 4.84 1.6 5.34 2.65 0.81 2.81 2.16 -3.05 2.74 -1.43 1.77 -2.12 -0.19 2.23 -3.8 -1.59 3.05 0.33 3.9 0.16 -1.53 -0.49 -1.42 -4 2.87 2.59 2.89 -0.93 1.08 3.35 2.51 1.11 3.92 1.7 0.12 -3.52 2.53 1.26 -5.4 -0.95 2.21 -0.83 -1.47 -1.93 1.11 -0.1 0.57 -1.02 2.1 0.01 1.93 1.96 2.35 1.96 0.48 0.25 -2.62 -0.35 1.35 4.09 0.96 -0.24 -0.56 1.81 -0.04 1.95 1.65 1.54 -0.35 -0.81 2.69 -0.54 1.27 200509 200510 200511 200512 200601 200602 200603 200604 200605 200606 200607 200608 200609 200610 200611 200612 200701 200702 200703 200704 200705 200706 200707 200708 200709 200710 200711 200712 200801 200802 200803 200804 200805 200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 3.9 -2.79 3.23 1.84 10.04 -5.52 4.66 2 -8.25 -0.62 -6.35 -2.23 2.11 6.47 2.25 0.91 3.18 -2.71 1.82 2.15 5.41 -1.42 -1.5 1.84 7.94 7.93 -5.67 4.28 -13.39 2.51 -0.24 11.09 7.02 -0.27 -9.91 -2.79 -15.19 -14.95 -8.58 0.78 -12 -4.55 4.83 -0.12 2.3 0.29 0.27 0.31 0.32 0.35 0.34 0.37 0.36 0.43 0.4 0.4 0.42 0.41 0.41 0.42 0.4 0.44 0.38 0.43 0.44 0.41 0.4 0.4 0.42 0.32 0.32 0.34 0.27 0.21 0.13 0.17 0.18 0.18 0.17 0.15 0.13 0.15 0.08 0.03 0 0 0.01 0.02 0.01 0 0.78 -1.75 3.92 0.07 3.39 0.04 1.83 1.09 -3.14 0.05 -0.38 2.45 2.25 3.64 2.13 1.27 1.84 -1.58 1.11 3.93 3.65 -1.56 -3.33 1.34 3.54 2.12 -4.49 -0.6 -6.15 -2.96 -0.76 4.78 2.04 -8.27 -0.62 1.66 -9.09 -17.15 -7.83 1.74 -8.12 -10.09 8.97 10.2 5.21 -0.58 -1.21 0.89 -0.49 5.43 -0.38 3.51 -1.34 -3.03 -0.38 -4.07 0.92 -1.36 1.75 0.86 -1.1 0.1 1.32 -0.06 -2.07 -0.01 0.79 -2.5 -0.1 -2.28 0.22 -2.61 0.19 -0.87 -0.21 0.91 -1.65 3.15 1.32 2.44 3.61 -1.11 -2.25 -3.01 3.62 0.1 0.15 -0.1 4.74 -2.35 0.76 0.25 -1.19 0.4 1.12 -0.25 0.51 2.61 2.57 0.86 2.92 -1.72 0.03 -0.05 0.04 3.16 -0.13 -0.1 -0.23 -1.15 -0.07 -1.11 -3.34 -2.25 -1.91 -2.62 -1.18 -0.44 3.69 -0.88 -0.18 -0.99 -1.49 -2.47 5.89 1.57 6.26 -2.75 -5.85 -0.21 -11.25 -7.27 3.62 5.44 -0.14 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 201106 201107 201108 201109 201110 201111 201112 201201 201202 201203 201204 201205 201206 201207 201208 201209 201210 201211 201212 201301 201302 3.01 5.78 0.18 5.05 -4.08 6.27 5.53 -6.7 8.44 8.67 7.15 -9.91 -10.95 10.24 -5.32 13.77 5.49 6.27 4.38 0.62 4.03 2.9 3.24 -2.93 0.04 -1.58 -8.68 -15.91 14.93 -1.45 -1.14 2.72 5.68 5.13 0.36 -4.82 1.98 2.54 3.82 2.23 -5.96 1.46 2.03 5.82 1.9 0.01 0.01 0.01 0.01 0 0 0.01 0 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0.01 0 0 0 0 0 0 0 0 0.01 0 0 0.01 0.01 0.01 0.01 0.01 0 0 0.44 7.73 3.34 4.09 -2.59 5.56 2.76 -3.36 3.4 6.32 2.01 -7.88 -5.55 6.94 -4.76 9.55 3.89 0.61 6.83 2 3.5 0.46 2.9 -1.27 -1.75 -2.36 -5.98 -7.59 11.35 -0.28 0.74 5.05 4.42 3.11 -0.85 -6.18 3.89 0.79 2.56 2.74 -1.75 0.79 1.19 5.57 1.29 2.6 2.05 -0.81 2.49 -4.29 -2.48 6.11 0.37 1.19 1.49 4.99 0 -2.01 0.21 -2.99 3.92 1.14 3.68 0.68 -2.48 1.53 2.58 -0.31 -0.72 -0.2 -1.34 -3.03 -3.54 3.44 -0.18 -0.67 2.15 -1.72 -0.63 -0.54 0 0.79 -2.6 0.39 0.48 -1.09 0.54 1.49 0.44 -0.43 -2.66 5.22 7.85 0.97 -4.26 -0.12 0 0.3 3.18 2.15 2.83 -2.41 -4.52 -0.21 -1.96 -3.12 -2.52 -0.91 3.78 0.82 1.1 -1.57 -2.53 -2.09 -0.33 -1.16 -2.4 -1.37 -0.22 -0.42 1.71 -1.11 0.11 0.89 -0.46 -0.52 0.41 -0.25 1.34 1.57 3.64 -0.81 3.52 0.95 0.11 201303 201304 201305 201306 201307 201308 201309 201310 201311 201312 201401 201402 201403 201404 201405 201406 201407 201408 201409 201410 201411 201412 201501 201502 201503 201504 201505 201506 201507 201508 201509 201510 201511 201512 201601 201602 201603 201604 201605 201606 201607 5.54 -0.06 4.68 -4.23 10.09 -2.47 7.44 2.46 3.45 2.57 1.29 6.29 -6.06 -3.41 3.89 5.46 -0.67 5.44 -2.36 2.06 4.11 -2.22 0.75 6.19 -0.92 -2.54 4.73 -0.55 2.01 -6.65 -3.4 6.94 1.33 -1.19 -6.21 -3.29 5.86 -1.57 3.39 0.7 4.15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0.02 0.02 0.01 0.01 0.02 0.02 4.03 1.56 2.8 -1.2 5.65 -2.71 3.77 4.18 3.12 2.81 -3.32 4.65 0.43 -0.19 2.06 2.61 -2.04 4.24 -1.97 2.52 2.55 -0.06 -3.11 6.13 -1.12 0.59 1.36 -1.53 1.54 -6.04 -3.07 7.75 0.56 -2.16 -5.76 -0.05 6.98 0.92 1.79 -0.02 3.97 0.84 -2.43 1.69 1.17 1.88 0.25 2.94 -1.52 1.25 -0.48 0.87 0.34 -1.85 -4.19 -1.85 3.01 -4.22 0.4 -3.8 4.28 -2.05 2.59 -0.51 0.51 3.07 -3.01 0.9 2.85 -4.07 0.52 -2.61 -1.93 3.62 -2.81 -3.36 0.83 0.86 0.68 -0.27 0.61 2.88 -0.26 0.57 2.49 -0.13 0.61 -2.77 -1.2 1.1 0.26 -0.31 -2.13 -0.37 5.03 1.1 -0.36 -0.66 -0.02 -0.55 -1.19 -1.68 -2.98 2.12 -3.47 -1.73 -0.45 1.84 -1.32 -0.8 -4.21 2.71 0.58 -0.11 -0.57 -2.46 2.26 -0.48 1.11 3.25 -1.79 -1.49 -0.99 To do: 1. Present a histogram of returns of high momentum, market, SMB and HML portfolios 2. Calculate time series of excess returns needed to test CAPM and Fama-French 3 factor model 3. Test CAPM and Fama-French 3 factor models using linear regression 4. Comment on regression intercepts and coefficients 5. Evaluate performance of CAPM and Fama-French 3 factor model