Calculate the excess returns of your test portfolios by subtracting the risk-free return from your test portfolios.

what should I do with excess return?

 

K S Global Rf Mkt-Rf 0.0052 0.0244 0.0048 0.091 0.0011 0228 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Mar 01 Jan-91 Feb-91 Austria Australia Belgium Canada Finland France Germany -0.0223 0.0198 0.0021 0.05 0.0697 0.1085 0.0692 0.1314 0.0011 0.0156 -0.0198 0017 0.0943 . 0.061 0.0475 0.0193 0.0841 0.0578 01207 Hong Kong Italy Japan 0.0758 -0.0233 0.0298 0.0106 0.0424 0.0999 0.1327 0.1168 0.0588 0.1327 Netherland Singapore Spain Switzerland UK USA 0.0712 0.1075 0.0515 0.0336 0.0469 0.05 0.0815 0.0525 0.078 0.0522 1 0.0106 0282 0.0106 0.0197 0.0719 0.0265 5