In each month t, compute the average excess return on the market using data for months t59 to t. Denote this variable by rM,t. Similarly, denote the average excess return on the Magellan Fund in months t 59 to t (computed in part 2a) by rF,t. Regress the variable 'flow' (in column I) in month t on rM,t and rF,t using the available dates ,i.e. 1991-2016. What does the variable 'flow' measure? Hint: The spreadsheet contains a formula that computes flow. Looking at this formula is helpful for the interpretation. Interpret the two estimated slope coeicients of your regression. Hint: Keep in mind that this is a multivariate regression. 2/2