We can test the market-timing and stock picking ability of a mutual fund manager by running the following regression model:

Ri rf = a + b (Rm-Rf) + c (Rm-Rf)² where Ri is the funds monthly net of expense ratio monthly returns.

The regression output is the following:

	Coefficients	t Stat
a	0.35%	2.25
b	0.74	1.13
c	0.52	2.83

Given the above regression output, do you think this manager is able to time the market? Why? (15pts)