For an equity Long/Short fund, we run a multivariate regression on the market, size(SMB),value(HML), and momentum(UMD) factors. The regression results are as below:Constant	Mkt-Rf	SMB	HML	UMD
Coefficient	0.20%	0.20	0.18	-0.19	0.29
t-value	2.20	1.30	3.25	-3.27	6.89

Compare the six-factor alpha with the four-model alpha and discuss the difference in the context of active fund management.

b)Discuss how effective different forms of shareholder activism are in delivering positive sustainability outcomes.