Q $1.$ Conduct CAPM and $3-$Factor Model regressions regarding the lowest decile of stocks ranked by past performance $($Decile $1),$ the highest decile of stocks ranked by past performance $($Decile $10),$ and the momentum hedge fund strategy that is long Decile $10$ and short Decile $1$

Q$2.$ Consider three hedge$-$fund strategies: the momentum strategy $($long past winners and short past losers$),$ the value strategy $($long value stocks and short growth stocks$),$ and the size strategy $($long small stocks and short large stocks$).$ These strategies are rebalanced each month. Which one of these strategies will likely have the biggest percent change in its portfolio holdings over the course of a year? Answer $$MOMENTUM$,$VALUE$,$ or $$SIZE$.$

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