The annualised monthly excess returns of the ASPI market index returns (r_m-r_f), were regressed against the corresponding excess returns of the two stocks, Black and White (r_i-r_f) over a five year period in two 'Market model' regression models, using Ordinary Least Squares (OLS). The following results were obtained:

BlackWhite

Intercept on y- axis-3.68%13.96%

Slope coefficient0.690.97

Regression R-square0.350.22

Std. deviation of regression residuals 13.02%21.45%

Carefully interpret and explain what each of the regression results mean