- Go to Dr. Ken French(Dartmouth College)'s website. Enter the data library. Download Fama/French 3 Factors in CSV format. This contains the records of monthly market portfolio returns. Column RF is the T-bill returns; Column Mktrf is the market excess returns, i.e., the difference between the market portfolio return and the T-bill return. - Build a column to calculate the market portfolio return of each month. - Calculate the average monthly return and the volatility (i.e., standard deviation of returns) for the full sample. - Create a histogram for the monthly percentage returns. - Calculate the average monthly return and volatility for each half of the sample. (Cut the first half at 1975 , including that year.) - Go to Wikipedia and search for the list of U.S. recessions. Keep the dates for the most recent three recessions: early 90 s, internet bubble, the great recession. - Calculate the market return volatility within each recession period