The term excess return refers to $\_\_\_\_\_\_\_\_\_\_.$

A$)$ returns earned illegally by means of insider trading

B$)$ the difference between the rate of return earned and the risk$-$free rate

C$)$ the difference between the rate of return earned on a particular security and the rate of

return earned on other securities of equivalent risk

D$)$ the portion of the return on a security that represents tax liability and therefore cannot

be reinvested