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Yahoo Finance has data on Microsoft and the S&P 500 from 1986 to 2006 a. Estimate Microsoft's beta using linear regression over the periods 1987-1991,

Yahoo Finance has data on Microsoft and the S&P 500 from 1986 to 2006

a. Estimate Microsoft's beta using linear regression over the periods 1987-1991, 1992-1996, 1997-2001, and 2002-2006.

b. Compare the four estimated betas. What do you conclude about how Microsoft's exposure to systematic risk changed over that 20-year period? What do you think explains the change?

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