Q2. The following table is from the 2011 Review of Financial Studies paper by Burnside, Eichenbaum, Kleshchelskik, and Rebelo. Explain what the authors meant to say from this table. Table 3 Factor betas of the equally weighted carry trade portfolio Factors Intercept Panel A: Monthly Payoffs and Risk Factors (February 1976 to July 2009) CAPM Fama-French factors 0.004 (0.001) Extended C-CAPM 0.004 (0.001) 0.012 (0.005) 0.018 (0.018) 0.007 (0.008) 0.033 (0.019) Panel B: Quarterly Real Excess Returns and Risk Factors (1976Q2 to 2009Q2) C-CAPM 0.058 (0.840) -0.210 Beta(s) (0.921) -0.045 (0.031) 0.607 (0.663) 0.028 (0.033) 0.011 (0.034) 0.003 0.016 0.000 Panel A reports estimates of the equation z = a + equally weighted carry trade portfolio and ft is a scalar or vector of risk factors. The CAPM factor is the excess fi++1. where zi is the monthly nominal payoff of the return on the value-weighted U.S. stock market (Mkt - Rf), and the Fama-French factors are the Mkt - Rf. SMB, and HML factors (available from Kenneth French's database). Heteroskedasticity-robust standard errors are in parentheses. Panel B reports estimates of the equation R = a + B +et+1. where Re is the quarterly real excess return of the equally weighted carry trade portfolio and ft is a scalar or vector of risk factors. The C-CAPM factor is real per-capita consumption growth, and the extended C-CAPM factors are real per-capita consumption growth, real per-capita durables growth, and the return on the value-weighted U.S. stock market. Details of the risk factors are provided in Appendix C. Heteroskedasticity-consistent standard errors are in parentheses. 0.009