The Finance professors at UIC have been running their own asset allocation businesses. We calculate some summary statistics and find: a. Calculate the standard error of each asset managers average excess return. Are any of the average excess returns statistically different from zero?

Fund Obs Mean (ri rf) Std Dev (ri rf)

Rosenthal Asset Management 30 0.20 0.40

Arslan-Ayaydin Global Management 30 0.15 0.20

Murphy Investment Managers 30 0.10 0.15