Below are the holding period returns over the next four quarters Portfolio S&P +15.25% 8.50% +3.75% -6.25% +9.50% +12.75% -2.25% +3.50% Answer the following questions: 1. What is the hedge ratio? 2. What is the number of optimal shares for the forward if your portfolio has 100 shares? Using the attached spreadsheet, answer the following questions: 3. What is the hedge ratio using a regression analysis (show the regression results)? 4. What is the hedge ratio using the formula (use the formula in excel)? 5. Complete the blue cells in the attached spreadsheet