19. The term excess retun refers to A returns eamed legaly by means of insider trading B. the difference between the rate of return eaned and the risk-free rate C the difference between of other securities of equivalent risk D. the portion of the retum on a the rate of retun eamed on a particular security and the rate of return earmed on security that ropresents tax lability and therefore cannot be reinvested 20-23. Here is a statistical result from Excel. Using this rosult, sohve problem 20, 21,22 and 23 20. The beta of this stock is A. .12 B. 35 C.1.32 D.4.05 21. This stock has greater systematic risk than a stock wth a beta of A. 50 C 2 D.3 22. The characteristic line for this stock is Rstock Rmarket A. 35, 12 B 4.05: 1.32 C. 15.44: 97 D. 26: 1.36 23. The stock isriskier than the typical stock A.32% 15 44% C. 12% D. 38%