We estimate that the expected Return is $2\mathrm{.}8$ percentage points higher for Mining stocks compared to Manufacturing stocks holding MarketCap constant.You are investing in the stock market. You are considering stocks of companies in three major industries: Mining, Manufacturing and Tech. While the industry of each

stock is an independent variable, the dependent variable is return $($Return$,$ measured in percentage points$)$ and an additional independent variable is the market

capitalisation of each stock $($MarketCap$,$ measured in dollars$).$ You would like to investigate how industry determines the return while controlling for market

capitalisation. The data are given by

The dummies are defined as follows:

Dummy $1=1$ for Mining stocks and Dummy $1=0$ otherwise

Dummy $2=1$ for Manufacturing stocks and Dummy $2=0$ otherwise

Run a regression model of Return on both dummies and on MarketCap. Which of the following interpretations are correct? Select ALL answers that apply.

We estimate that the expected Return is $2\mathrm{.}35$ percentage points lower for Manufacturing stocks compared to Tech stocks holding MarketCap constant.

We estimate that the expected Return is $2\mathrm{.}35$ percentage points lower for Manufacturing stocks compared to Mining stocks holding MarketCap constant.

We estimate that the expected Return is $2\mathrm{.}8$ percentage points higher for Mining stocks compared to Tech stocks holding MarketCap constant.