The regression for Fama-French 3-Factor model is as follows. where R - RF = a + (RM - R )+ SMB + HML +& i,t F,t F,t RM, RE,t is market premium (X) SMB, is small minus big cap premium (X) HML is high minus low premium, a measure of value over growth (X3), i.e., the return of a portfolio of stocks with a high book-to-market ratio in excess of the return on a portfolio of stocks with a low book-to-market ratio. Using the daily stock return data of XYZ company from May 2019 to May 2022, the regression output is in the following table: XYZ Intercept Coefficient of X1 Coefficient of X2 Coefficient of X3 Coefficient p-value 0.3656