Consider the regression output table 1.2, which is another Carhart 4-factor asset pricing model: = + m*r+smb*rSMB+ hml*rHML+ mom*rOM. Y = This regression compares the performance of portfolios of active and passive mutual funds by using a spread portfolio. Table 1.2 Annual M Alpha SMB HML MOM Radj -0.80** -0.15** 0.18 -0.08** 0.05 0.89 Active - Passive ** Denotes significance at the 5% level. b) Interpret and explain all the coefficients as well as R adj from the regression output table 1.2. (12 points) c) Briefly describe the Carhart 4-factor model and the Fama-French 3-factor model in relation to the traditional CAPM model. Then, indicate how you can assess whether one of these models is superior to the other? (4 points)