a) Table 1 below shows mean excess returns (returns in excess of the risk-free rate), standard devi- ations, Sharpe ratios, and CAPM alphas for value strategies. The table is from the paper "Value and Momentum Everywhere" by Asness, Moskowitz and Pedersen (2013), discussed in the lec- tures. The results are reported as annualised numbers. P1 Table 1 Value Portfolios P2 P3 Mean 9.5% 10.6% 13.2% (t-stat) (3.31) (4.33) (5.19) Stdev 17.9% 15.4% 15.9% Sharpe 0.53 0.69 0.83 Alpha -1.7% 0.8% 3.6% (t-stat) (-1.59) (1.02) (3.17) P3 - P1 3.7% (1.83) 12.8% 0.29 5.3% (2.66) Describe the construction of a value strategy and interpret the results reported in the table.