Q3. The following table is from Jegadeesh and Titman's momentum paper. Looking at this table. would you conclude that the momentum profit is confined to a specific size group? Your answer needs to show that you can read the table properly. Table III Returns of Size-Based and Beta-Based Relative Strength Portfolios The relative strength portfotios are formed based on 6-month lageed returns and held for 6 months. The stocks are ranked in nsconding order on the hasis of 6 -month lagged returns and the equally weighted portrolio of stocks in the loweet pust return decile is portrotio PL, the equally weighted portfotio of stacks in the next decile is portfolio P2, nnd so on. Average monthly returne and excess returns of these portfolios and the retums of the relative strength portfolios formedi bsing size-based and beta-based subsamples of securities are reported here. The subsample S1 contains the smallest firms, S2 contains the medium-sixed firms, and S3 contains the largest firms. The subsamples 1,2, and 3 contain the firms with the smallest, medium, and theil largest Scholos-Williams betas estimated from the returns data in the calendar year prior toy portfolio formation. The sample period is January 1965 to December 1989. Q3. The following table is from Jegadeesh and Titman's momentum paper. Looking at this table. would you conclude that the momentum profit is confined to a specific size group? Your answer needs to show that you can read the table properly. Table III Returns of Size-Based and Beta-Based Relative Strength Portfolios The relative strength portfotios are formed based on 6-month lageed returns and held for 6 months. The stocks are ranked in nsconding order on the hasis of 6 -month lagged returns and the equally weighted portrolio of stocks in the loweet pust return decile is portrotio PL, the equally weighted portfotio of stacks in the next decile is portfolio P2, nnd so on. Average monthly returne and excess returns of these portfolios and the retums of the relative strength portfolios formedi bsing size-based and beta-based subsamples of securities are reported here. The subsample S1 contains the smallest firms, S2 contains the medium-sixed firms, and S3 contains the largest firms. The subsamples 1,2, and 3 contain the firms with the smallest, medium, and theil largest Scholos-Williams betas estimated from the returns data in the calendar year prior toy portfolio formation. The sample period is January 1965 to December 1989