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If I am analysing mutual fund jensens alpha regression analysis. what is level of significance that I can use 1% 0.01 or 0.05? also what

If I am analysing mutual fund jensens alpha regression analysis. what is level of significance that I can use 1% 0.01 or 0.05? also what is exact interpretation of p value and jensens alpha in regression model. Also if I used fund premiums for jensens alpha and fund scored positive alpha. does that mean actual excess returns were higher than the expected returns not excess expected returns?


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