Project Requirements\ (Please make sure that all your results are clearly displayed and well labelled in order to receive credit. Use Excel function Stdev.S to calculate standard deviation.)\ \ 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 90s, internet bubble, the great recession.\ Calculate the market return volatility within each recession period.\ Download the provided monthly records of S&P 500 index levels: SP500 Index History.xlsx Download SP500 Index History.xlsx \ Use Column Adj Close to calculate monthly index returns from Jan 1976 to Dec 2020.\ Compare the average return of S&P500 with the average return of the market portfolio over the same time period. Briefly discuss and explain your observations. \ Download all the historical prices for ticker symbol SPY from Yahoo Finance. Use "Adj Close" to calculate the monthly returns of SPY. Compare its average return with those of the market portfolio and the S&P500 index over the sample period when SPY returns are available. Discuss your observations.