The inputs for the second pass regression are average

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The inputs for the second pass regression are: Average Excess Return Beta ABC 4.04 0.18 DEH 8.51 0.98 FGI 15.28 1.92 M 8.12 The second-pass estimates are: Regression Statistics Multiple R 0.9975 R Square 0.9949 Adjusted R Square 0.9899 Standard Error 0.5693 Observations 3 Coefficients Standard Error t Statistic for β =0 t Statistic for β =8.12 Intercept 2.62 0.58 4.55 Slope 6.47 0.46 14.03 -3.58 Despite the decease in the intercept and the increase in slope, the intercept is now significantly positive, and the slope is significantly less than the hypothesized value by more than three times the standard error.
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