The below excel output shows the regression results of monthly Stock A excess return on monthly S\&P500 excess return: Regression Statistics \begin{tabular}{|c|c|c|c|c|} \hline & Coefficients & Standard Erro & r t Stat & P-value \\ \hline Intercept & 0.011 & 0.003 & 3.906 & 0.000 \\ \hline S\&P500 & 0.698 & 0.064 & 10.912 & 0.000 \\ \hline \end{tabular} Which of the following interpretations of the above regression output are incorrect? 1. The model explains 44.43% of the variation of Stock A II. The model cannot explain 80.26% of the variation of Stock A III. Stock A is less risky than average stocks in the market portfolio IV. Stock A's alpha is insignificant