- "How can you interpret these alphas? How is the magnitude of alpha impacted by the usage of a price index (rather than a total/gross return index) as a proxy for the market return?" - "Report the correlation between the two variables and discuss the results in light of the CAPM theory and possible deviations from the CAPM due to investors tastes."

BETAS ADS.DE BAYN.DE AIR.PA BN.PA OR.PA SAF.PA CS.PA IBMW.DE MC.PA PHIA.AS AIL.DE DG.PA STOXX50E IZM74097 1022854 W147, 15349212 38,7815147112443, VK1304109,1910232.100 198, 54726020W 133, 100,6102.3541533 643238176153,2477413072 21, 1327113 100.000 ALPHAS OR.PA SAF.PA CS.PA PHIA.AS AIL.DE DG.PA ADS.DE BAYN.DE AIR.PA 1.56% -2,031 BN.PA 1095 BMW.DE MC.PA 003 0 "STOXXSOE 0.74% 0.232 1.35 Question 3 ESG Score Alphas Chart Title Ticker ADS.DE ME 141 14 -003 27 14 19 BAYN.DE AIR.PA BN.PA OR.PA SAF.PA CS.PA 20 0.23 1353 112 24 13 0,54% OM 73 BMW.DE MC.PA 12 190 22 083 PHILA.AS AIL.DE DG.PA 14 0. 0.14 22 13.5 ESG Scores Correlation -37,393 It is interesting to notice that high Alpha can coexist with a good ESG score, as demonstrated by ADS.DE. BAYN.DE, on the other hand, has a poor ESG rating associated with a negative Alpha. BETAS ADS.DE BAYN.DE AIR.PA BN.PA OR.PA SAF.PA CS.PA IBMW.DE MC.PA PHIA.AS AIL.DE DG.PA STOXX50E IZM74097 1022854 W147, 15349212 38,7815147112443, VK1304109,1910232.100 198, 54726020W 133, 100,6102.3541533 643238176153,2477413072 21, 1327113 100.000 ALPHAS OR.PA SAF.PA CS.PA PHIA.AS AIL.DE DG.PA ADS.DE BAYN.DE AIR.PA 1.56% -2,031 BN.PA 1095 BMW.DE MC.PA 003 0 "STOXXSOE 0.74% 0.232 1.35 Question 3 ESG Score Alphas Chart Title Ticker ADS.DE ME 141 14 -003 27 14 19 BAYN.DE AIR.PA BN.PA OR.PA SAF.PA CS.PA 20 0.23 1353 112 24 13 0,54% OM 73 BMW.DE MC.PA 12 190 22 083 PHILA.AS AIL.DE DG.PA 14 0. 0.14 22 13.5 ESG Scores Correlation -37,393 It is interesting to notice that high Alpha can coexist with a good ESG score, as demonstrated by ADS.DE. BAYN.DE, on the other hand, has a poor ESG rating associated with a negative Alpha