Sylvain (2013) replicated Fama and MacBeth (1973) paper with 1935-2010 data. The methodology is very similar to those presented in Fama and MacBeth. The coefficient estimates are summarized in the table below, along with t-statistics in the bracket. Rt is the return of stock i in month t,i is the CAPM beta of stock i estimated using past five years monthly data; and Se is the residual volatility of stock i. Interpret the results. You can assume the t-statistics cut-off for 10% significance is 1.65. Rit=^0t+^1ti+^2ii2+^3tSdi+it