A- Two portfolio managers use different procedures to estimate alpha. One uses a singleindex model regression, the other the Fama-French model. Other things equal, would you prefer the portfolio with the larger alpha based on the index model or the FF model? (LO 18-2)Q4

B. Does the use of universes of managers with similar investment styles to evaluate relative investment performance overcome the statistical problems associated with instability of beta or total variability? (LO 18-3)Q9