estimated:

Three$-$Factor Model:

$BCD$:$,[E(R)-RFR]=(0\mathrm{.}994)({}_M)+(-0\mathrm{.}008)(SMB)+(-0\mathrm{.}414)(HML)$

$FGH$:$,[E(R)-RFR]=(1\mathrm{.}046)({}_M)+(-0\mathrm{.}057)(SMB)+(0\mathrm{.}384)(HML)$

$JKL$:$,[E(R)-RFR]=(1\mathrm{.}159)({}_M)+(0\mathrm{.}503)(SMB)+(0\mathrm{.}507)({}_{HML})$

Four$-$Factor Model:

$BCD$:$,[E(R)-RFR]=(0\mathrm{.}975)({}_M)+(-0\mathrm{.}006)(SMB)+(-0\mathrm{.}322)(HML)+(0\mathrm{.}081)(MOM)$

$FGH$: $[E(R)-RFR]=(1\mathrm{.}132)({}_M)+(-0\mathrm{.}021)(SMB)+(0\mathrm{.}457)(HML)+(0\mathrm{.}148)(MOM)$

$JKL$: $[E(R)-RFR]=(1\mathrm{.}023)(M)+(0\mathrm{.}535)(SMB)+(0\mathrm{.}362)(HML)+(-0\mathrm{.}291)(MOM)$

with two factor models estimated to calculate the expected excess returns for the three stocks. Round your answers to two decimal places.

Three$-$factor model

Four$-$factor model

conjunction with the three$-$factor risk model. Round your answers to two decimal places.

$\frac{?}{\text{b}\text{a}\text{r}}(BCD$:$)$

FGH:

JKL:

$30-$year period

additional information, calculate the expected excess returns for BCD$,$ FGH$,$ and JKL in conjunction with the four$-$factor risk model. Round your answers to two decimal places.

$30-$year period

$80-$year period

d$.$ Do all of the expected excess returns you calculated in part $($a$)$ and part $($b$)$ make sense? If not, identify which ones seem inconsistent with asset pricing theory and discuss why.