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Look back to the top-right panel of Figure 9.2 . What proportion of HULs returns was explained by market movements? What proportion was unique or

Look back to the top-right panel of Figure 9.2 . What proportion of HULs returns was explained by market movements? What proportion was unique or diversifiable risk ? How does the unique risk show up in the plot? What is the range of possible errors in the estimated beta?

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