QUESTION 11 You estimate the Single-Index Model for a mutual fund and obtain the following results: rENET Vf.t= a + B x (rm,t-rf,t) + Et a=0.15%, B=0.8 and r-NET is the net return of the fund. What is the interpretation of a ? After accounting for risk, the mutual fund outperforms the benchmark after fees. After accounting for risk, the mutual fund outperforms the benchmark before fees. OB. After accounting for risk, the mutual fund underperforms the benchmark after fees. OD. After accounting for risk, the mutual fund underperforms the benchmark before fees. QUESTION 12 You estimate the Single-Index Model for a mutual fund and obtain the following results: rNET rqt=a + Bx (rmit-rf,t) +Et a= -0.15% and B=0.8 Which of the following statements is the most correct? O A. The mutual fund is investing in stocks with greater systematic risk compared to the market portfolio. OB. The mutual fund is investing in stocks with lower systematic risk compared to the market portfolio. O C. The mutual fund is investing in stocks with greater firm-specific risk compared to the market portfolio. O D. The mutual fund is investing in stocks with lower firm-specific risk compared to the market portfolio. E. Options A and C Options A and D Os Option B and C