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Microsoft's beta over the periods 1987-1991, 1992-1996, 1997-2001, and 2002-2006: 1987-91: 1.411 1992-96: 0.854 1997-01: 1.823 2002-06: 1.040 Compare the four estimated betas. What do

Microsoft's beta over the periods 1987-1991, 1992-1996, 1997-2001, and 2002-2006:

1987-91: 1.411

1992-96: 0.854

1997-01: 1.823

2002-06: 1.040

Compare the four estimated betas. What do you conclude about how Microsoft's exposure to systematic risk has changed over time? What do you think explains the change?

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