The CAPM is an important model in the field of finance. It explains variations in the rate of return on a security as a function of the rate of return on a portfolio consisting of all publicly traded stocks, which is called the market portfolio. Generally the rate of return on any investment is measured relative to its opportunity cost, which is the return on a risk free asset. The resulting difference is called the risk premium, since it is the reward or punishment for making a risky investment. The CAPM says that the risk premium on security j is proportional to the risk premium on the market portfolio. That is:

rj rf = j(rm rf), (0.1)

where rj and rf are the returns to security j and the risk-free rate, respectively, rm is the return on the market portfolio, and j is the jth securitys beta value. A stocks beta is important to investors since it reveals the stocks volatility. It measures the sensitivity of security js return to variation in the whole stock market. As such, values of beta less than 1 indicate that the stock is defensive since its variation is less than the markets. A beta greater than 1 indicates an aggressive stock. Investors usually want an estimate of a stocks beta before purchasing it. The CAPM model shown above is the economic model in this case. The econometric model is obtained by including an intercept in the model (even though theory says it should be zero) and an error term

rj rf = j + j(rm rf) + e, (0.2)

1. Explain why the econometric model in equation 0.2 is a simple regression model.

2. In the data file Case1-data.xlsx are data on the monthly returns of seven firms ((Apple, Amazon, Chevron, Disney, GM, Microsoft, and Mobil-Exxon), the rate of return on the market portfolio (MKT), and the rate of return on the risk free asset (RISKFREE). The 120 observations cover January 1998 to December 2007. Estimate the CAPM model for each firm, and comment on their estimated beta values. Which firm appears most aggressive ? Which firm appears most defensive ?

3. Finance theory says that the intercept parameter j should be zero. Does this seem correct given your estimates ? For the Microsoft stock, plot the fitted regression line along with the data scatter.

4. Estimate the model for each firm under the assumption that j = 0. Do the estimates of the beta values change much ?

DATA:

Please show ALL work on excel! Thank you!

A B D E F G H | J 1 obs aapl amzn CVX dis gm msft xom mkt riskfree 2 1998:01:00 0.3952282 -0.020747 -0.029221 0.080884 -0.0463 0.154255 -0.03064 0.004529 0.004188 3 1998:02:00 0.2901091 0.3050847 0.0819398 0.047368 0.19849 0.136154 0.081728 0.07323 0.004268 4 1998:03:00 0.1640198 0.1107954 -0.006955 -0.04634 -0.01723 0.056047 0.060784 0.051322 0.004358 5 1998:04:00 -0.004545 0.0727073 0.029572 0.168337 -0.00554 0.006983 0.080407 0.010862 0.00394 6 1998:05:00 -0.0274 -0.039509 -0.034014 -0.09082 0.074212 -0.05895 -0.02946 -0.02576 0.003806 7 1998:06:00 0.0774641 1.2638298 0.0485133 -0.0723 -0.07044 0.277819 0.012411 0.031954 0.003919 8 1998:07:00 0.2069744 0.1115289 -0.013433 -0.01516 0.08232 0.014418 -0.01576 -0.02326 0.003954 9 1998:08:00 -0.099278 -0.244645 -0.103631 -0.20327 -0.18928 -0.12735 -0.06267 -0.15767 0.003909 10 1998:09:00 0.2224449 0.3328359 0.1350211 -0.07517 -0.05591 0.147231 0.079274 0.063836 0.003357 11 1998:10:00 -0.026231 0.1326988 -0.030483 0.063645 0.151481 -0.03805 0.014159 0.074357 0.00296 12 1998:11:00 -0.139731 0.5185367 0.0260736 0.194896 0.113749 0.152302 0.052845 0.061986 0.003702 13 1998:12:00 0.2818001 0.6731771 -0.008221 -0.06796 0.02415 0.136783 -0.025 0.063053 0.003662 141999:01:00 0.0061092 0.0920233 -0.101733 0.1 0.254148 0.26183 -0.03932 0.038346 0.003674 15 1999:02:00 -0.154781 0.0956708 0.0318792 0.066288 -0.07451 -0.14214 -0.04666 -0.03811 0.003755 16 1999:03:00 0.0323171 0.3439024 0.1544715 -0.11545 0.054353 0.194005 0.060094 0.037862 0.003798 17 1999:04:00 0.2799973 -0.000726 0.1239437 0.02008 0.023707 -0.09275 0.177148 0.049 0.00371 18 1999:05:00 -0.042119 -0.309844 -0.072682 -0.08268 -0.07125 -0.00769 -0.03344 -0.02072 0.003683 19 1999:06:00 0.0510631 0.0536842 0.0277027 0.05794 -0.04348 0.117738 -0.03443 0.05102 0.003698 20 1999:07:00 0.2024309 -0.2003 -0.040105 -0.10548 -0.07386 -0.04851 0.029173 -0.03064 0.003708 21 1999:08:00 0.1717162 0.2429731 0.0116438 0.006803 0.092025 0.07866 -0.00113 -0.00998 0.00375 22 1999:09:00 -0.029693 0.2854271 -0.038592 -0.06306 -0.05 -0.02161 -0.03645 -0.02287 0.003751 A B C D E F G H J 23 1999:10:00 0.2655487 -0.116497 0.0288732 0.019231 0.119166 0.022084 -0.02549 0.062048 0.003638 24 1999:11:00 0.2215286 0.2044248 -0.030116 0.059811 0.029281 -0.01637 0.076827 0.036856 0.003809 25 1999:12:00 0.0504472 -0.10507 -0.021877 0.049327 0.009549 0.282306 0.01576 0.083925 0.004252 26 2000:01:00 0.009118 -0.151888 -0.034632 0.241453 0.108341 -0.16167 0.035687 -0.03975 0.004488 27 2000:02:00 0.1048202 0.0667957 -0.106876 -0.07745 -0.04965 -0.08685 -0.09211 0.03177 0.004428 28 2000:03:00 0.1848417 -0.027223 0.2376569 0.231343 0.088743 0.188811 0.034855 0.053552 0.00488 29 2000:04:00 -0.086517 -0.176306 -0.079108 0.05 0.130566 -0.34353 -0.00321 -0.05947 0.004392 30 2000:05:00 -0.322922 -0.124575 0.0859031 -0.03175 -0.24032 -0.10305 0.078069 -0.03905 0.003896 31 2000:06:00 0.247024 -0.248383 -0.082488 -0.07452 -0.17788 0.278721 -0.05776 0.051649 0.004691 32 2000:07:00 -0.029833 -0.170396 -0.068718 -0.00322 -0.01938 -0.12734 0.019108 -0.01711 0.004896 33 2000:08:00 0.1992625 0.3775934 0.0700297 0.006462 0.276619 0 0.025812 0.075811 0.005195 34 2000:09:00 -0.577436 -0.073795 0.0086892 -0.01766 -0.09957 -0.13608 0.091884 -0.05114 0.004933 35 2000:10:00 -0.240291 -0.047154 -0.036657 -0.06373 -0.04423 0.141969 0.000701 -0.02456 0.005023 36 2000:11:00 -0.156548 -0.325939 -0.003044 -0.19197 -0.19517 -0.16697 -0.00838 -0.10255 0.005099 37 2000:12:00 -0.098485 -0.36962 0.0312977 0.007257 0.02904 -0.24401 -0.01207 0.020346 0.004808 38 2001:01:00 0.4537826 0.1124498 -0.013708 0.052268 0.054233 0.407781 -0.03206 0.039533 0.004023 39 2001:02:00 -0.15607 -0.411552 0.0285784 0.01642 0.002235 -0.03378 -0.03161 -0.09927 0.004178 40 2001:03:00 0.2093141 0.0041718 0.0249825 -0.07593 -0.02757 -0.07309 -0.00062 -0.07029 0.003693 41 2001:04:00 0.154963 0.542522 0.0997721 0.057692 0.057088 0.238857 0.093827 0.083904 0.003118 42 2001:05:00 -0.217341 0.057668 -0.005282 0.045289 0.047254 0.021107 0.006659 0.010561 0.002871 43 2001:06:00 0.1654147 -0.152187 -0.057782 -0.08634 0.130931 0.055218 -0.01555 -0.01748 0.002846 44 2001:07:00 -0.191828 -0.117314 0.0098343 -0.08792 -0.01166 -0.09329 -0.04385 -0.01832 0.003033 B C D E F G H J 45 2001:08:00 -0.012774 -0.284227 -0.007003 -0.03492 -0.13129 -0.13809 -0.03305 -0.05908 0.002812 46 2001:09:00 -0.163882 -0.332215 -0.066116 -0.26779 -0.21644 -0.10307 -0.01868 -0.09154 0.001982 47 2001:10:00 0.1321724 0.1691792 0.0448378 -0.00161 -0.03683 0.136408 0.001269 0.027967 0.001744 48 2001:11:00 0.2129853 0.6217765 -0.039977 0.10113 0.214908 0.104213 -0.04613 0.078734 0.00144 49 2001:12:00 0.0281683 -0.04417 0.0541113 0.022472 -0.02213 0.031771 0.050802 0.017841 0.001363 50 2002:01:00 0.1287695 0.3114603 -0.064836 0.016409 0.052263 -0.03834 -0.00636 -0.01606 0.001408 51 2002:02:00 -0.122169 -0.006342 0.0076372 0.092118 0.045757 -0.08429 0.063508 -0.02171 0.001444 52 2002:03:00 0.0907845 0.0141844 0.069043 0.003478 0.140997 0.033768 0.061259 0.044693 0.001425 53 2002:04:00 0.0253478 0.1671329 -0.039437 0.004333 0.061208 -0.13348 -0.08351 -0.04965 0.001461 54 2002:05:00 -0.039968 0.0922708 0.0062277 -0.01165 -0.02338 -0.02583 -0.00025 -0.01046 0.001408 55 2002:06:00 -0.239483 -0.108612 0.0143266 0.17503 -0.13998 0.074445 0.024793 -0.07024 0.001389 56 2002:07:00 -0.138827 -0.110769 -0.152542 -0.06191 -0.12909 -0.12285 -0.10166 -0.08114 0.001417 57 2002:08:00 -0.03342 0.03391 0.0217333 -0.11562 0.038883 0.022926 -0.02938 0.007984 0.00138 58 2002:09:00 -0.016948 0.0662651 -0.096307 -0.03444 -0.18721 -0.1088 -0.10014 -0.09998 0.001308 59 2002:10:00 0.1082729 0.2153171 -0.023394 0.103038 -0.14524 0.222451 0.055172 0.074958 0.001183 60 2002:11:00 -0.035468 0.206095 -0.008872 0.186826 0.209023 0.078736 0.040701 0.061276 0.001014 61 2002:12:00 -0.075484 -0.191006 -0.008205 -0.1665 -0.07154 -0.10368 0.004023 -0.05331 0.000947 62 2003:01:00 0.0020946 0.1566967 -0.031288 0.072961 -0.01438 -0.08201 -0.02261 -0.02343 0.000955 63 2003:02:00 0.045264 0.0073227 -0.003571 -0.02514 -0.0567 0.002107 0.002928 -0.01541 0.000996 64 2003:03:00 -0.057962 0.1826443 0.0074802 -0.00235 -0.00444 0.021519 0.027337 0.010333 0.000951 65 2003:04:00 0.0056594 0.1021898 -0.028461 0.096357 0.072278 0.055762 0.007153 0.082797 0.000911 66 2003:05:00 0.2623056 0.2509584 0.129438 0.053055 -0.0061 -0.03717 0.041193 0.063507 0.000934 A B D E F G H 67 2003:06:00 0.061837 0.0119811 0.0177614 0.005089 0.018964 0.041853 -0.01346 0.016332 0.000662 68 2003:07:00 0.1059828 0.1464757 -0.001246 0.109873 0.039722 0.030031 -0.00919 0.02313 0.000733 69 2003:08:00 0.0725794 0.112392 0.0105395 -0.06478 0.111408 0.004165 0.06661 0.024908 0.000809 70 2003:09:00 -0.083591 0.0455527 -0.019487 -0.0161 -0.00414 0.048265 -0.02918 -0.0091 0.00071 71 2003:10:00 0.1047297 0.1238902 0.0398881 0.122459 0.042512 -0.05396 -0.00055 0.060331 0.000763 72 2003:11:00 -0.0865 -0.008451 0.0107671 0.019876 0.014296 -0.01645 -0.00355 0.016607 0.00075 73 2003:12:00 0.0219983 -0.025014 0.1503329 0.019489 0.248247 0.064566 0.132597 0.045532 0.000689 74 2004:01:00 0.0556856 -0.042189 -0.000463 0.028718 -0.06966 0.01023 -0.00512 0.023064 0.000689 75 2004:02:00 0.0602844 -0.146627 0.0231616 0.105417 -0.02134 -0.04051 0.039961 0.015467 0.000778 76 2004:03:00 0.1304341 0.0062776 -0.006452 -0.05805 -0.0212 -0.06031 -0.01375 -0.01069 0.000769 77 2004:04:00 -0.046598 0.0073937 0.0423787 -0.07843 0.006794 0.048135 0.023082 -0.02423 0.000674 78 2004:05:00 0.0884401 0.1123854 -0.012022 0.019105 -0.03227 0.003827 0.022797 0.014127 0.000757 79 2004:06:00 0.159658 0.1216495 0.0410398 0.086067 0.026438 0.08883 0.026821 0.021563 0.000941 80 2004:07:00 -0.006146 -0.284559 0.0163639 -0.09416 -0.07405 -0.00245 0.042558 -0.03768 0.001065 81 2004:08:00 0.0664814 -0.020041 0.0193413 -0.02772 -0.03083 -0.03896 0.001512 0.002714 0.001201 82 2004:09:00 0.1235133 0.0713163 0.1003077 0.004454 0.028322 0.012821 0.048373 0.020555 0.001215 83 2004:10:00 0.3522582 -0.164709 -0.010813 0.118404 -0.09251 0.011573 0.018415 0.01781 0.001457 84 2004:11:00 0.2795801 0.1626135 0.0290237 0.065821 0.014008 0.068645 0.046729 0.048243 0.001693 85 2004:12:00 -0.039522 0.1161795 -0.038278 0.043155 0.038093 -0.00336 0.000195 0.03518 0.00159 86 2005:01:00 0.1940991 -0.024159 0.0359932 0.029856 -0.08113 -0.01647 0.006633 -0.02656 0.001802 87 2005:02:00 0.1667104 -0.186025 0.1411765 -0.0241 -0.01793 -0.03957 0.232171 0.022695 0.002081 88 2005:03:00 -0.07111 -0.025867 -0.060728 0.028275 -0.1756 -0.03935 -0.0586 -0.01694 0.002166 A B C D E F G H | J 89 2005:04:00 -0.134629 -0.055734 -0.108215 -0.0811 -0.09221 0.046752 -0.04312 -0.02518 0.002259 90 2005:05:00 0.1026069 0.0973423 0.0342307 0.039394 0.200525 0.022925 -0.00947 0.037916 0.002293 91 2005:06:00 -0.074195 -0.06815 0.0397917 -0.08236 0.078338 -0.03721 0.022598 0.011531 0.002488 92 2005:07:00 0.1586522 0.3644606 0.0373748 0.018268 0.082941 0.030998 0.022272 0.043331 0.002691 93 2005:08:00 0.0994141 -0.054264 0.0584383 -0.01755 -0.05785 0.072237 0.024511 -0.00594 0.002784 94 2005:09:00 0.1433141 0.0608899 0.0542345 -0.04208 -0.10471 -0.06026 0.060768 0.010609 0.002655 95 2005:10:00 0.0742399 -0.120088 -0.118338 0.009946 -0.10487 -0.00117 -0.11646 -0.02078 0.00308 96 2005:11:00 0.1776349 0.2157551 0.0042054 0.022979 -0.18248 0.080156 0.038831 0.040406 0.003309 97 2005:12:00 0.0600117 -0.027033 -0.009422 -0.02768 -0.11324 -0.05528 -0.03205 0.003476 0.003288 98 2006:01:00 0.0503548 -0.049417 0.045975 0.055903 0.238929 0.076482 0.117144 0.040112 0.003606 99 2006:02:00 -0.092968 -0.164659 -0.048838 0.105887 -0.14547 -0.04227 -0.04877 -0.00164 0.003687 100 2006:03:00 -0.084246 -0.024306 0.026381 -0.00357 0.047267 0.012653 0.025097 0.01906 0.003828 101 2006:04:00 0.1222897 -0.036135 0.0526134 0.00251 0.075693 -0.11246 0.036477 0.012968 0.003844 102 2006:05:00 -0.150874 -0.017041 -0.020157 0.090844 0.187937 -0.05839 -0.02933 -0.03104 0.003913 103 2006:06:00 -0.041827 0.117596 0.0379662 -0.01639 0.106201 0.028698 0.007224 -0.0004 0.003903 104 2006:07:00 0.1866598 -0.304809 0.059942 -0.01033 0.081907 0.032618 0.104156 -0.0019 0.0042 105 2006:08:00 -0.001619 0.1465229 -0.020979 -0.00135 -0.08688 0.071904 0.003691 0.025085 0.004138 106 2006:09:00 0.1345618 0.0418423 0.0071428 0.042496 0.139822 0.064202 -0.00842 0.019452 0.003874 107 2006:10:00 0.0532604 0.1858655 0.0360776 0.017794 0.04991 0.049726 0.064382 0.037086 0.004293 108 2006:11:00 0.1304884 0.0590706 0.0761905 0.05054 -0.15579 0.026123 0.07995 0.023716 0.00415 109 2006:12:00 -0.074405 -0.021815 0.0167312 0.046294 0.050975 0.01703 -0.00234 0.010823 0.003973 110 2007:01:00 0.0104904 -0.045362 -0.00884 0.026262 0.06901 0.03349 -0.03302 0.019438 0.004168 A B D E F G H | 111 2007:02:00 -0.013064 0.0390231 -0.059824 -0.02616 -0.02101 -0.08393 -0.02834 -0.014 0.004286 112 2007:03:00 0.098097 0.0166071 0.0793929 0.005255 -0.0395 -0.01065 0.052595 0.012949 0.004209 113 2007:04:00 0.074158 0.5413421 0.0517848 0.015974 0.019256 0.074273 0.052087 0.039893 0.003963 114 2007:05:00 0.2143285 0.1273438 0.0475639 0.01315 -0.0317 0.028393 0.052154 0.038894 0.003913 115 2007:06:00 0.007014 -0.010558 0.0337465 -0.02308 0.26042 -0.03976 0.008537 -0.01476 0.003776 116 2007:07:00 0.0796458 0.1480777 0.0121083 -0.03339 -0.14286 -0.01629 0.014902 -0.03175 0.004254 117 2007:08:00 0.0510018 0.0174434 0.0293221 0.018182 -0.04352 -0.00552 0.011159 0.011623 0.00346 118 2007:09:00 0.1082467 0.1656864 0.0663172 0.023512 0.193884 0.025409 0.079669 0.040903 0.002869 119 2007:10:00 0.2377012 -0.042941 -0.02212 0.006979 0.067847 0.249491 -0.00616 0.025842 0.003318 120 2007:11:00 -0.040695 0.015816 -0.04087 -0.04274 -0.23246 -0.08422 -0.02696 -0.04928 0.002683 121 2007:12:00 0.0870377 0.0229682 0.0633474 -0.01569 -0.16561 0.059524 0.050808 -0.00434 0.002382 A B D E F G H | J 1 obs aapl amzn CVX dis gm msft xom mkt riskfree 2 1998:01:00 0.3952282 -0.020747 -0.029221 0.080884 -0.0463 0.154255 -0.03064 0.004529 0.004188 3 1998:02:00 0.2901091 0.3050847 0.0819398 0.047368 0.19849 0.136154 0.081728 0.07323 0.004268 4 1998:03:00 0.1640198 0.1107954 -0.006955 -0.04634 -0.01723 0.056047 0.060784 0.051322 0.004358 5 1998:04:00 -0.004545 0.0727073 0.029572 0.168337 -0.00554 0.006983 0.080407 0.010862 0.00394 6 1998:05:00 -0.0274 -0.039509 -0.034014 -0.09082 0.074212 -0.05895 -0.02946 -0.02576 0.003806 7 1998:06:00 0.0774641 1.2638298 0.0485133 -0.0723 -0.07044 0.277819 0.012411 0.031954 0.003919 8 1998:07:00 0.2069744 0.1115289 -0.013433 -0.01516 0.08232 0.014418 -0.01576 -0.02326 0.003954 9 1998:08:00 -0.099278 -0.244645 -0.103631 -0.20327 -0.18928 -0.12735 -0.06267 -0.15767 0.003909 10 1998:09:00 0.2224449 0.3328359 0.1350211 -0.07517 -0.05591 0.147231 0.079274 0.063836 0.003357 11 1998:10:00 -0.026231 0.1326988 -0.030483 0.063645 0.151481 -0.03805 0.014159 0.074357 0.00296 12 1998:11:00 -0.139731 0.5185367 0.0260736 0.194896 0.113749 0.152302 0.052845 0.061986 0.003702 13 1998:12:00 0.2818001 0.6731771 -0.008221 -0.06796 0.02415 0.136783 -0.025 0.063053 0.003662 141999:01:00 0.0061092 0.0920233 -0.101733 0.1 0.254148 0.26183 -0.03932 0.038346 0.003674 15 1999:02:00 -0.154781 0.0956708 0.0318792 0.066288 -0.07451 -0.14214 -0.04666 -0.03811 0.003755 16 1999:03:00 0.0323171 0.3439024 0.1544715 -0.11545 0.054353 0.194005 0.060094 0.037862 0.003798 17 1999:04:00 0.2799973 -0.000726 0.1239437 0.02008 0.023707 -0.09275 0.177148 0.049 0.00371 18 1999:05:00 -0.042119 -0.309844 -0.072682 -0.08268 -0.07125 -0.00769 -0.03344 -0.02072 0.003683 19 1999:06:00 0.0510631 0.0536842 0.0277027 0.05794 -0.04348 0.117738 -0.03443 0.05102 0.003698 20 1999:07:00 0.2024309 -0.2003 -0.040105 -0.10548 -0.07386 -0.04851 0.029173 -0.03064 0.003708 21 1999:08:00 0.1717162 0.2429731 0.0116438 0.006803 0.092025 0.07866 -0.00113 -0.00998 0.00375 22 1999:09:00 -0.029693 0.2854271 -0.038592 -0.06306 -0.05 -0.02161 -0.03645 -0.02287 0.003751 A B C D E F G H J 23 1999:10:00 0.2655487 -0.116497 0.0288732 0.019231 0.119166 0.022084 -0.02549 0.062048 0.003638 24 1999:11:00 0.2215286 0.2044248 -0.030116 0.059811 0.029281 -0.01637 0.076827 0.036856 0.003809 25 1999:12:00 0.0504472 -0.10507 -0.021877 0.049327 0.009549 0.282306 0.01576 0.083925 0.004252 26 2000:01:00 0.009118 -0.151888 -0.034632 0.241453 0.108341 -0.16167 0.035687 -0.03975 0.004488 27 2000:02:00 0.1048202 0.0667957 -0.106876 -0.07745 -0.04965 -0.08685 -0.09211 0.03177 0.004428 28 2000:03:00 0.1848417 -0.027223 0.2376569 0.231343 0.088743 0.188811 0.034855 0.053552 0.00488 29 2000:04:00 -0.086517 -0.176306 -0.079108 0.05 0.130566 -0.34353 -0.00321 -0.05947 0.004392 30 2000:05:00 -0.322922 -0.124575 0.0859031 -0.03175 -0.24032 -0.10305 0.078069 -0.03905 0.003896 31 2000:06:00 0.247024 -0.248383 -0.082488 -0.07452 -0.17788 0.278721 -0.05776 0.051649 0.004691 32 2000:07:00 -0.029833 -0.170396 -0.068718 -0.00322 -0.01938 -0.12734 0.019108 -0.01711 0.004896 33 2000:08:00 0.1992625 0.3775934 0.0700297 0.006462 0.276619 0 0.025812 0.075811 0.005195 34 2000:09:00 -0.577436 -0.073795 0.0086892 -0.01766 -0.09957 -0.13608 0.091884 -0.05114 0.004933 35 2000:10:00 -0.240291 -0.047154 -0.036657 -0.06373 -0.04423 0.141969 0.000701 -0.02456 0.005023 36 2000:11:00 -0.156548 -0.325939 -0.003044 -0.19197 -0.19517 -0.16697 -0.00838 -0.10255 0.005099 37 2000:12:00 -0.098485 -0.36962 0.0312977 0.007257 0.02904 -0.24401 -0.01207 0.020346 0.004808 38 2001:01:00 0.4537826 0.1124498 -0.013708 0.052268 0.054233 0.407781 -0.03206 0.039533 0.004023 39 2001:02:00 -0.15607 -0.411552 0.0285784 0.01642 0.002235 -0.03378 -0.03161 -0.09927 0.004178 40 2001:03:00 0.2093141 0.0041718 0.0249825 -0.07593 -0.02757 -0.07309 -0.00062 -0.07029 0.003693 41 2001:04:00 0.154963 0.542522 0.0997721 0.057692 0.057088 0.238857 0.093827 0.083904 0.003118 42 2001:05:00 -0.217341 0.057668 -0.005282 0.045289 0.047254 0.021107 0.006659 0.010561 0.002871 43 2001:06:00 0.1654147 -0.152187 -0.057782 -0.08634 0.130931 0.055218 -0.01555 -0.01748 0.002846 44 2001:07:00 -0.191828 -0.117314 0.0098343 -0.08792 -0.01166 -0.09329 -0.04385 -0.01832 0.003033 B C D E F G H J 45 2001:08:00 -0.012774 -0.284227 -0.007003 -0.03492 -0.13129 -0.13809 -0.03305 -0.05908 0.002812 46 2001:09:00 -0.163882 -0.332215 -0.066116 -0.26779 -0.21644 -0.10307 -0.01868 -0.09154 0.001982 47 2001:10:00 0.1321724 0.1691792 0.0448378 -0.00161 -0.03683 0.136408 0.001269 0.027967 0.001744 48 2001:11:00 0.2129853 0.6217765 -0.039977 0.10113 0.214908 0.104213 -0.04613 0.078734 0.00144 49 2001:12:00 0.0281683 -0.04417 0.0541113 0.022472 -0.02213 0.031771 0.050802 0.017841 0.001363 50 2002:01:00 0.1287695 0.3114603 -0.064836 0.016409 0.052263 -0.03834 -0.00636 -0.01606 0.001408 51 2002:02:00 -0.122169 -0.006342 0.0076372 0.092118 0.045757 -0.08429 0.063508 -0.02171 0.001444 52 2002:03:00 0.0907845 0.0141844 0.069043 0.003478 0.140997 0.033768 0.061259 0.044693 0.001425 53 2002:04:00 0.0253478 0.1671329 -0.039437 0.004333 0.061208 -0.13348 -0.08351 -0.04965 0.001461 54 2002:05:00 -0.039968 0.0922708 0.0062277 -0.01165 -0.02338 -0.02583 -0.00025 -0.01046 0.001408 55 2002:06:00 -0.239483 -0.108612 0.0143266 0.17503 -0.13998 0.074445 0.024793 -0.07024 0.001389 56 2002:07:00 -0.138827 -0.110769 -0.152542 -0.06191 -0.12909 -0.12285 -0.10166 -0.08114 0.001417 57 2002:08:00 -0.03342 0.03391 0.0217333 -0.11562 0.038883 0.022926 -0.02938 0.007984 0.00138 58 2002:09:00 -0.016948 0.0662651 -0.096307 -0.03444 -0.18721 -0.1088 -0.10014 -0.09998 0.001308 59 2002:10:00 0.1082729 0.2153171 -0.023394 0.103038 -0.14524 0.222451 0.055172 0.074958 0.001183 60 2002:11:00 -0.035468 0.206095 -0.008872 0.186826 0.209023 0.078736 0.040701 0.061276 0.001014 61 2002:12:00 -0.075484 -0.191006 -0.008205 -0.1665 -0.07154 -0.10368 0.004023 -0.05331 0.000947 62 2003:01:00 0.0020946 0.1566967 -0.031288 0.072961 -0.01438 -0.08201 -0.02261 -0.02343 0.000955 63 2003:02:00 0.045264 0.0073227 -0.003571 -0.02514 -0.0567 0.002107 0.002928 -0.01541 0.000996 64 2003:03:00 -0.057962 0.1826443 0.0074802 -0.00235 -0.00444 0.021519 0.027337 0.010333 0.000951 65 2003:04:00 0.0056594 0.1021898 -0.028461 0.096357 0.072278 0.055762 0.007153 0.082797 0.000911 66 2003:05:00 0.2623056 0.2509584 0.129438 0.053055 -0.0061 -0.03717 0.041193 0.063507 0.000934 A B D E F G H 67 2003:06:00 0.061837 0.0119811 0.0177614 0.005089 0.018964 0.041853 -0.01346 0.016332 0.000662 68 2003:07:00 0.1059828 0.1464757 -0.001246 0.109873 0.039722 0.030031 -0.00919 0.02313 0.000733 69 2003:08:00 0.0725794 0.112392 0.0105395 -0.06478 0.111408 0.004165 0.06661 0.024908 0.000809 70 2003:09:00 -0.083591 0.0455527 -0.019487 -0.0161 -0.00414 0.048265 -0.02918 -0.0091 0.00071 71 2003:10:00 0.1047297 0.1238902 0.0398881 0.122459 0.042512 -0.05396 -0.00055 0.060331 0.000763 72 2003:11:00 -0.0865 -0.008451 0.0107671 0.019876 0.014296 -0.01645 -0.00355 0.016607 0.00075 73 2003:12:00 0.0219983 -0.025014 0.1503329 0.019489 0.248247 0.064566 0.132597 0.045532 0.000689 74 2004:01:00 0.0556856 -0.042189 -0.000463 0.028718 -0.06966 0.01023 -0.00512 0.023064 0.000689 75 2004:02:00 0.0602844 -0.146627 0.0231616 0.105417 -0.02134 -0.04051 0.039961 0.015467 0.000778 76 2004:03:00 0.1304341 0.0062776 -0.006452 -0.05805 -0.0212 -0.06031 -0.01375 -0.01069 0.000769 77 2004:04:00 -0.046598 0.0073937 0.0423787 -0.07843 0.006794 0.048135 0.023082 -0.02423 0.000674 78 2004:05:00 0.0884401 0.1123854 -0.012022 0.019105 -0.03227 0.003827 0.022797 0.014127 0.000757 79 2004:06:00 0.159658 0.1216495 0.0410398 0.086067 0.026438 0.08883 0.026821 0.021563 0.000941 80 2004:07:00 -0.006146 -0.284559 0.0163639 -0.09416 -0.07405 -0.00245 0.042558 -0.03768 0.001065 81 2004:08:00 0.0664814 -0.020041 0.0193413 -0.02772 -0.03083 -0.03896 0.001512 0.002714 0.001201 82 2004:09:00 0.1235133 0.0713163 0.1003077 0.004454 0.028322 0.012821 0.048373 0.020555 0.001215 83 2004:10:00 0.3522582 -0.164709 -0.010813 0.118404 -0.09251 0.011573 0.018415 0.01781 0.001457 84 2004:11:00 0.2795801 0.1626135 0.0290237 0.065821 0.014008 0.068645 0.046729 0.048243 0.001693 85 2004:12:00 -0.039522 0.1161795 -0.038278 0.043155 0.038093 -0.00336 0.000195 0.03518 0.00159 86 2005:01:00 0.1940991 -0.024159 0.0359932 0.029856 -0.08113 -0.01647 0.006633 -0.02656 0.001802 87 2005:02:00 0.1667104 -0.186025 0.1411765 -0.0241 -0.01793 -0.03957 0.232171 0.022695 0.002081 88 2005:03:00 -0.07111 -0.025867 -0.060728 0.028275 -0.1756 -0.03935 -0.0586 -0.01694 0.002166 A B C D E F G H | J 89 2005:04:00 -0.134629 -0.055734 -0.108215 -0.0811 -0.09221 0.046752 -0.04312 -0.02518 0.002259 90 2005:05:00 0.1026069 0.0973423 0.0342307 0.039394 0.200525 0.022925 -0.00947 0.037916 0.002293 91 2005:06:00 -0.074195 -0.06815 0.0397917 -0.08236 0.078338 -0.03721 0.022598 0.011531 0.002488 92 2005:07:00 0.1586522 0.3644606 0.0373748 0.018268 0.082941 0.030998 0.022272 0.043331 0.002691 93 2005:08:00 0.0994141 -0.054264 0.0584383 -0.01755 -0.05785 0.072237 0.024511 -0.00594 0.002784 94 2005:09:00 0.1433141 0.0608899 0.0542345 -0.04208 -0.10471 -0.06026 0.060768 0.010609 0.002655 95 2005:10:00 0.0742399 -0.120088 -0.118338 0.009946 -0.10487 -0.00117 -0.11646 -0.02078 0.00308 96 2005:11:00 0.1776349 0.2157551 0.0042054 0.022979 -0.18248 0.080156 0.038831 0.040406 0.003309 97 2005:12:00 0.0600117 -0.027033 -0.009422 -0.02768 -0.11324 -0.05528 -0.03205 0.003476 0.003288 98 2006:01:00 0.0503548 -0.049417 0.045975 0.055903 0.238929 0.076482 0.117144 0.040112 0.003606 99 2006:02:00 -0.092968 -0.164659 -0.048838 0.105887 -0.14547 -0.04227 -0.04877 -0.00164 0.003687 100 2006:03:00 -0.084246 -0.024306 0.026381 -0.00357 0.047267 0.012653 0.025097 0.01906 0.003828 101 2006:04:00 0.1222897 -0.036135 0.0526134 0.00251 0.075693 -0.11246 0.036477 0.012968 0.003844 102 2006:05:00 -0.150874 -0.017041 -0.020157 0.090844 0.187937 -0.05839 -0.02933 -0.03104 0.003913 103 2006:06:00 -0.041827 0.117596 0.0379662 -0.01639 0.106201 0.028698 0.007224 -0.0004 0.003903 104 2006:07:00 0.1866598 -0.304809 0.059942 -0.01033 0.081907 0.032618 0.104156 -0.0019 0.0042 105 2006:08:00 -0.001619 0.1465229 -0.020979 -0.00135 -0.08688 0.071904 0.003691 0.025085 0.004138 106 2006:09:00 0.1345618 0.0418423 0.0071428 0.042496 0.139822 0.064202 -0.00842 0.019452 0.003874 107 2006:10:00 0.0532604 0.1858655 0.0360776 0.017794 0.04991 0.049726 0.064382 0.037086 0.004293 108 2006:11:00 0.1304884 0.0590706 0.0761905 0.05054 -0.15579 0.026123 0.07995 0.023716 0.00415 109 2006:12:00 -0.074405 -0.021815 0.0167312 0.046294 0.050975 0.01703 -0.00234 0.010823 0.003973 110 2007:01:00 0.0104904 -0.045362 -0.00884 0.026262 0.06901 0.03349 -0.03302 0.019438 0.004168 A B D E F G H | 111 2007:02:00 -0.013064 0.0390231 -0.059824 -0.02616 -0.02101 -0.08393 -0.02834 -0.014 0.004286 112 2007:03:00 0.098097 0.0166071 0.0793929 0.005255 -0.0395 -0.01065 0.052595 0.012949 0.004209 113 2007:04:00 0.074158 0.5413421 0.0517848 0.015974 0.019256 0.074273 0.052087 0.039893 0.003963 114 2007:05:00 0.2143285 0.1273438 0.0475639 0.01315 -0.0317 0.028393 0.052154 0.038894 0.003913 115 2007:06:00 0.007014 -0.010558 0.0337465 -0.02308 0.26042 -0.03976 0.008537 -0.01476 0.003776 116 2007:07:00 0.0796458 0.1480777 0.0121083 -0.03339 -0.14286 -0.01629 0.014902 -0.03175 0.004254 117 2007:08:00 0.0510018 0.0174434 0.0293221 0.018182 -0.04352 -0.00552 0.011159 0.011623 0.00346 118 2007:09:00 0.1082467 0.1656864 0.0663172 0.023512 0.193884 0.025409 0.079669 0.040903 0.002869 119 2007:10:00 0.2377012 -0.042941 -0.02212 0.006979 0.067847 0.249491 -0.00616 0.025842 0.003318 120 2007:11:00 -0.040695 0.015816 -0.04087 -0.04274 -0.23246 -0.08422 -0.02696 -0.04928 0.002683 121 2007:12:00 0.0870377 0.0229682 0.0633474 -0.01569 -0.16561 0.059524 0.050808 -0.00434 0.002382