Q1. Compare the UMD factor to other specifications for momentum. Specifically, use the Spreadsheet Supplement for the case (which contains the momentum decile returns from Exhibit 3 along with the time series of the UMD return) to calculate: (a) Decile Spread portfolio returns = (10 - 1); (b) Quintile Spread portfolio returns = ((10+9)/2 - (1+2)/2); (c) UMD Spread portfolio returns = (Given in Spreadsheet Supplement); (d) Median Spread portfolio returns = ((10+...+6)/5 - (1+...+5)/5). Generate the average returns for each of these momentum specifications for every decade (1920s, 1930s, etc.). What do you observe? Given your calculations, do you believe the Fama-French momentum (UMD/MOM) factor will have returns over the next decade that are significantly greater than zero, significantly less than zero, or approximately zero?