1. You are an analyst for a managed mutual fund. You have been given the task of investigating whether any significant relationship exists between a companys profitability (ROE) and its environmental, social and governance (ESG) ratings and management (CEO) turnover. A regression is performed with ROE (in percent) as the dependent variable and CEO tenure (in years) and ESG rating as the independent variables. A sample of 40 large cap companies was used. The regression results are given below

	Coefficient	Standard Error	t-Stat	p-Value
Intercept	9.442	3.343	2.824	0.008
ESG	0.069	0.058	1.201	0.238
Tenure	0.681	0.295	2.308	0.027
ANOVA	SS	MSS	F	Significance F
Regression	240.410	120.205	4.161	0.023
Residual	1069.000	28.892
Total	1309.410
Multiple R	0.428
R2	0.183
Adjusted R2	0.139

2. In your role as investment consultant, you have recently taken on the following 2 clients. In 4-5 sentences for each client explain the bias(es) exhibited by the person and identify your approach to advising them.

1. Jay has the following characteristics as an investor: 1) follows the current trend in investing 2) tends to carry large cash balances 3) when an investment goes his way, he convinces himself that he knew it all along 4) likely to say yes to investments that make sense to him.
2. Ann has the following characteristics as an investor: 1) researches the market and believes she can forecast market movements, however her information is very limited 2) obsessed with trying to beat the market and tends to hold concentrated portfolios 3) tends to cling to a view about the market when new information is presented to her. (This is a different part to the work I sent you so please read it and answer it correctly)