To test whether the BNI fund manager shows market timing ability, Maya utilizes the Henriksson-Merton model. a. Explain the relevant research hypotheses and statistical hypotheses. (5) b. If the data support the research hypothesis (rejects null hypothesis), then what is the interpretation of the results? Use graphs if necessary. (5) c. Based on the regression result in Table 2, does the BNI fund manager exhibits market-timing ability? Explain. (5) Table 2. Regression results, based on Henriksson-Merton Model. Standard t-stat P-value Coefficients Error Intercept m'f (r-r)D 2 Adjusted-R 0.0144 1.2487 -0.7037 0.0254 0.7653 1.0584 0.2161 0.5674 1.6315 -0.6648 0.5743 0.1125 0.5108 To test whether the BNI fund manager shows market timing ability, Maya utilizes the Henriksson-Merton model. a. Explain the relevant research hypotheses and statistical hypotheses. (5) b. If the data support the research hypothesis (rejects null hypothesis), then what is the interpretation of the results? Use graphs if necessary. (5) c. Based on the regression result in Table 2, does the BNI fund manager exhibits market-timing ability? Explain. (5) Table 2. Regression results, based on Henriksson-Merton Model. Standard t-stat P-value Coefficients Error Intercept m'f (r-r)D 2 Adjusted-R 0.0144 1.2487 -0.7037 0.0254 0.7653 1.0584 0.2161 0.5674 1.6315 -0.6648 0.5743 0.1125 0.5108