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A portfolio manager summarizes the input from the macro and micro forecasters in the following table Asset Stock A Stock B Stock C Stock D Micro Forecasts Expected Return (%) Beta 23 1.1 19 1.7 17 e.9 12 1.0 Residual Standard Deviation (3) 58 66 62 51 Asset T-bills Passive equity portfolio Macro Forecasts Expected Return (*) 9 17 Standard Deviation (%) 26 Calculate the following for a portfolio manager who is not allowed to short sell securities. The manager's Sharpe ratio is 0.3398 . What is the cost of the restriction in terms of Sharpe's measure? (Do not round intermediate calculations. Enter your answer as decimals rounded to 4 places.) Cost of restriction b. What is the utility loss to the investor (A = 3.4) given his new complete portfolio? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Utility Levels Cases Unconstrained Constrained Passive A portfolio manager summarizes the input from the macro and micro forecasters in the following table Asset Stock A Stock B Stock C Stock D Micro Forecasts Expected Return (%) Beta 23 1.1 19 1.7 17 e.9 12 1.0 Residual Standard Deviation (3) 58 66 62 51 Asset T-bills Passive equity portfolio Macro Forecasts Expected Return (*) 9 17 Standard Deviation (%) 26 Calculate the following for a portfolio manager who is not allowed to short sell securities. The manager's Sharpe ratio is 0.3398 . What is the cost of the restriction in terms of Sharpe's measure? (Do not round intermediate calculations. Enter your answer as decimals rounded to 4 places.) Cost of restriction b. What is the utility loss to the investor (A = 3.4) given his new complete portfolio? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Utility Levels Cases Unconstrained Constrained Passive