Question: Perform the second-pass SML regression by regressing the average excess return of each portfolio on itsbeta. % Change in Factor Value % Change in Factor

Perform the second-pass SML regression by regressing the average excess return of each portfolio on itsbeta.

Perform the second-pass SML regression by regressing the average

% Change in Factor Value % Change in Factor Value Year Year -9.84 6.46 16.12 16.51 17.82 -3.52 8.43 8.23 7.06 -15.74 2.03 10 -13.31 12

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