SUMMARY OUTPUT Regression Statistics Multiple R 0.96 R Square 0.93 Adjusted Square 0.92 Standard Error 1.45 Observations 119 Intercept Mkt-RF SMB HML UMD Standard Coefficients Error -0.32 0.14 1.18 0.04 -0.03 0.07 -0.20 0.06 -0.04 0.03 t Stat P-value -2.40 0.02 31.38 0.00 -0.43 0.67 -3.28 0.00 -1.28 0.20 The excess returns of a mutual fund are regressed on the Fama-French-Carhart four-factor model. The resulting Excel output is provided above: a. Would you consider this mutual fund following a value or growth style? Explain your reasoning. (5 points) b. What is the estimate of the Jensen's alpha based on the four factor model? (5 points) c. What is the information ratio of this mutual fund? (5 points) SUMMARY OUTPUT Regression Statistics Multiple R 0.96 R Square 0.93 Adjusted Square 0.92 Standard Error 1.45 Observations 119 Intercept Mkt-RF SMB HML UMD Standard Coefficients Error -0.32 0.14 1.18 0.04 -0.03 0.07 -0.20 0.06 -0.04 0.03 t Stat P-value -2.40 0.02 31.38 0.00 -0.43 0.67 -3.28 0.00 -1.28 0.20 The excess returns of a mutual fund are regressed on the Fama-French-Carhart four-factor model. The resulting Excel output is provided above: a. Would you consider this mutual fund following a value or growth style? Explain your reasoning. (5 points) b. What is the estimate of the Jensen's alpha based on the four factor model? (5 points) c. What is the information ratio of this mutual fund? (5 points)