Years Months

Dewan Salamn Fiber returns R-r¯ (R-r¯)2 index

2005 December 16.02 9557
2006 Jaunary 20.11 0.2553 0.2670 0.0713 10524
Febrary 17.03 -0.1532 -0.1532 0.0235 11456
March 15.74 -0.0757 -0.0757 0.0057 11486
April 14.92 -0.0521 -0.0521 0.0027 11342
May 12.21 -0.1816 -0.1816 0.0330 9801
June 11.32 -0.0729 -0.0729 0.0053 9989
July 12.89 0.1387 0.1387 0.0192 10498
August 11.83 -0.0822 -0.0822 0.0068 10064
September 11.63 -0.0169 -0.0169 0.0003 10512
October 10.24 -0.1195 -0.1195 0.0143 11328
November 8.25 -0.1943 -0.1943 0.0378 10619
December 7.76 -0.0594 -0.0594 0.0035 10041
2007 Jaunary 8.18 0.0541 0.0541 0.0029 11272
Febrary 7.99 -0.0232 -0.0232 0.0005 11180
March 7.73 -0.0325 -0.0325 0.0011 11272
April 7.89 0.0207 0.0207 0.0004 12370
May 9.12 0.1559 0.1559 0.0243 12961
June 10.54 0.1557 0.1557 0.0242 13772
July 11.40 0.0816 0.0816 0.0067 13739
August 8.32 -0.2702 -0.2702 0.0730 12214
September 9.34 0.1226 0.1226 0.0150 13352
October 9.05 -0.0310 -0.0310 0.0010 14319
November 8.18 -0.0961 -0.0961 0.0092 13999
December 7.57 -0.0746 -0.0746 0.0056 14076
2008 Jaunary 8.18 0.0806 0.0806 0.0065 14017
Febrary 9.16 0.1198 0.1198 0.0144 14934
March 9.10 -0.0066 -0.0066 0.0000 15125
April 7.69 -0.1549 -0.1549 0.0240 15122
May 5.22 -0.3212 -0.3212 0.1032 12131
June 4.95 -0.0517 -0.0517 0.0027 12289
July 3.56 -0.2808 -0.2808 0.0789 10584
August 3.00 -0.1573 -0.1573 0.0247 9208
September 2.94 -0.0200 -0.0200 0.0004 9180
October 2.94 0.0000 0.0000 0.0000 9183
November 2.94 0.0000 0.0000 0.0000 9187
December 1.36 -0.5374 -0.5374 0.2888 5865
2009 Jaunary 1.39 0.0221 0.0221 0.0005 5377
Febrary 1.19 -0.1439 -0.1439 0.0207 5727
March 1.41 0.1849 0.1849 0.0342 6860
April 1.41 0.0000 0.0000 0.0000 7202
May 1.54 0.0922 0.0922 0.0085 7277
June 1.49 -0.0325 -0.0325 0.0011 7206
July 1.52 0.0201 0.0201 0.0004 7721
August 1.51 -0.0066 -0.0066 0.0000 8676
September 1.76 0.1656 0.1656 0.0274 9350
October 1.39 -0.2102 -0.2102 0.0442 9169
November 1.67 0.2014 0.2014 0.0406 9206
December 1.50 -0.1018 -0.1018 0.0104 9387
 2010 Jaunary 1.51 0.0067 0.0067 0.0000 9614
Febrary 2.26 0.4967 0.4967 0.2467 9658
March 2.27 0.0044 0.0044 0.0000 10178
April 2.20 -0.0308 -0.0308 0.0010 10428
May 1.68 -0.2364 -0.2364 0.0559 9326
June 1.53 -0.0893 -0.0893 0.0080 9722
July 1.58 0.0327 0.0327 0.0011 10519
August 1.49 -0.0570 -0.0570 0.0032 9813
September 1.31 -0.1208 -0.1208 0.0146 10013
October 1.69 0.2901 0.2901 0.0841 10598
November 2.17 0.2840 0.2840 0.0807 11235
December 3.05 0.4055 0.4055 0.1645 12022

Mean -0.0117
Variance 0.0296
Standard Deviation 0.1722
Covariance 0.0097
Row( 0.6522
Beta(I)=δi/δm*ρ 1.3054
Ri=rf+(rm-rf)β

rf 12.64%
βi 0.6522
rm 0.0079
retun of index R-r¯ (R-r¯)2 T-Bills Monthlr rate

0.1012 0.0933 0.008698 12.02%

0.0886 0.0886 0.007843 11.98%
0.0026 0.0026 6.86E-06 12.05%
-0.0125 -0.0125 0.000157 12.27%
-0.1359 -0.1359 0.01846 12.36%
0.0192 0.0192 0.000368 12.36%
0.0510 0.0510 0.002597 12.30%
-0.0413 -0.0413 0.001709 12.34%
0.0445 0.0445 0.001982 12.21%
0.0776 0.0776 0.006026 12.17%
-0.0626 -0.0626 0.003917 12.30%
-0.0544 -0.0544 0.002963 12.38%
0.1226 0.1226 0.01503 12.44%
-0.0082 -0.0082 6.66E-05 12.45%
0.0082 0.0082 6.77E-05 12.78%
0.0974 0.0974 0.009489 12.78%
0.0478 0.0478 0.002283 12.79%
0.0626 0.0626 0.003915 13.22%
-0.0024 -0.0024 5.74E-06 13.24%
-0.1110 -0.1110 0.012321 13.30%
0.0932 0.0932 0.008681 13.65%
0.0724 0.0724 0.005245 13.69%
-0.0223 -0.0223 0.000499 13.73%
0.0055 0.0055 3.03E-05
-0.0042 -0.0042 1.76E-05
0.0654 0.0654 0.00428
0.0128 0.0128 0.000164
-0.0002 -0.0002 3.93E-08
-0.1978 -0.1978 0.039121
0.0130 0.0130 0.00017
-0.1387 -0.1387 0.019249
-0.1300 -0.1300 0.016902
-0.0030 -0.0030 9.25E-06
0.0003 0.0003 1.07E-07
0.0004 0.0004 1.9E-07
-0.3616 -0.3616 0.130753
-0.0832 -0.0832 0.006923
0.0651 0.0651 0.004237
0.1978 0.1978 0.039139
0.0499 0.0499 0.002485
0.0104 0.0104 0.000108
-0.0098 -0.0098 9.52E-05
0.0715 0.0715 0.005108
0.1237 0.1237 0.015299
0.0777 0.0777 0.006035
-0.0194 -0.0194 0.000375
0.0040 0.0040 1.63E-05
0.0197 0.0197 0.000387
0.0242 0.0242 0.000585
0.0046 0.0046 2.09E-05
0.0538 0.0538 0.002899
0.0246 0.0246 0.000603
-0.1057 -0.1057 0.011168
0.0425 0.0425 0.001803
0.0820 0.0820 0.006721
-0.0671 -0.0671 0.004505
0.0204 0.0204 0.000415
0.0584 0.0584 0.003413
0.0601 0.0601 0.003613
0.0700 0.0700 0.004907

0.0079 12.64%
0.007398
0.086012

-0.0283
Years Months
Bata returns R-r¯ (R-r¯)2 index
2005 December 90.91 9557
2006 Jaunary 86.02 -0.0538 -0.1003 0.0101 10524
Febrary 89.63 0.0420 0.0420 0.0018 11456
March 120.95 0.3494 0.3494 0.1221 11486
April 127.17 0.0514 0.0514 0.0026 11342
May 90.50 -0.2884 -0.2884 0.0831 9801
June 90.60 0.0011 0.0011 0.0000 9989
July 100.00 0.1038 0.1038 0.0108 10498
August 104.80 0.0480 0.0480 0.0023 10064
September 124.00 0.1832 0.1832 0.0336 10512
October 112.00 -0.0968 -0.0968 0.0094 11328
November 112.35 0.0031 0.0031 0.0000 10619
December 135.23 0.2036 0.2036 0.0415 10041
2007 Jaunary 119.30 -0.1178 -0.1178 0.0139 11272
Febrary 150.79 0.2640 0.2640 0.0697 11180
March 216.85 0.4381 0.4381 0.1919 11272
April 230.00 0.0606 0.0606 0.0037 12370
May 261.77 0.1381 0.1381 0.0191 12961
June 389.35 0.4874 0.4874 0.2375 13772
July 396.98 0.0196 0.0196 0.0004 13739
August 387.89 -0.0229 -0.0229 0.0005 12214
September 385.08 -0.0072 -0.0072 0.0001 13352
October 514.66 0.3365 0.3365 0.1132 14319
November 513.47 -0.0023 -0.0023 0.0000 13999
December 485.45 -0.0546 -0.0546 0.0030 14076
2008 Jaunary 554.55 0.1423 0.1423 0.0203 14017
Febrary 587.22 0.0589 0.0589 0.0035 14934
March 644.00 0.0967 0.0967 0.0093 15125
April 640.00 -0.0062 -0.0062 0.0000 15122
May 640.00 0.0000 0.0000 0.0000 12131
June 826.25 0.2910 0.2910 0.0847 12289
July 775.92 -0.0609 -0.0609 0.0037 10584
August 775.92 0.0000 0.0000 0.0000 9208
September 775.92 0.0000 0.0000 0.0000 9180
October 775.92 0.0000 0.0000 0.0000 9183
November 775.92 0.0000 0.0000 0.0000 9187
December 775.92 0.0000 0.0000 0.0000 5865
2009 Jaunary 775.92 0.0000 0.0000 0.0000 5377
Febrary 775.92 0.0000 0.0000 0.0000 5727
March 630.89 -0.1869 -0.1869 0.0349 6860
April 765.29 0.2130 0.2130 0.0454 7202
May 691.33 -0.0966 -0.0966 0.0093 7277
June 609.00 -0.1191 -0.1191 0.0142 7206
July 650.07 0.0674 0.0674 0.0045 7721
August 844.63 0.2993 0.2993 0.0896 8676
September 950.82 0.1257 0.1257 0.0158 9350
October 892.44 -0.0614 -0.0614 0.0038 9169
November 910.00 0.0197 0.0197 0.0004 9206
December 943.33 0.0366 0.0366 0.0013 9387
 2010 Jaunary 855.79 -0.0928 -0.0928 0.0086 9614
Febrary 740.78 -0.1344 -0.1344 0.0181 9658
March 710.33 -0.0411 -0.0411 0.0017 10178
April 795.09 0.1193 0.1193 0.0142 10428
May 471.09 -0.4075 -0.4075 0.1661 9326
June 580.73 0.2327 0.2327 0.0542 9722
July 558.42 -0.0384 -0.0384 0.0015 10519
August 476.41 -0.1469 -0.1469 0.0216 9813
September 481.42 0.0105 0.0105 0.0001 10013
October 583.36 0.2117 0.2117 0.0448 10598
November 616.33 0.0565 0.0565 0.0032 11235
December 688.47 0.1170 0.1170 0.0137 12022

Mean 0.0465
Variance 0.0276
Standard Deviation 0.1663
Covariance 0.0031
Row( 0.2178
Beta(I)=δi/δm*ρ 0.421
Ri=rf+(rm-rf)β
retun of index R-r¯ (R-r¯)2 T-Bills Monthlr rate

0.1012 0.0933 0.008698 12.02%

0.0886 0.0886 0.007843 11.98%
0.0026 0.0026 6.86E-06 12.05%
-0.0125 -0.0125 0.000157 12.27%
-0.1359 -0.1359 0.01846 12.36%
0.0192 0.0192 0.000368 12.36%
0.0510 0.0510 0.002597 12.30%
-0.0413 -0.0413 0.001709 12.34%
0.0445 0.0445 0.001982 12.21%
0.0776 0.0776 0.006026 12.17%
-0.0626 -0.0626 0.003917 12.30%
-0.0544 -0.0544 0.002963 12.38%
0.1226 0.1226 0.01503 12.44%
-0.0082 -0.0082 6.66E-05 12.45%
0.0082 0.0082 6.77E-05 12.78%
0.0974 0.0974 0.009489 12.78%
0.0478 0.0478 0.002283 12.79%
0.0626 0.0626 0.003915 13.22%
-0.0024 -0.0024 5.74E-06 13.24%
-0.1110 -0.1110 0.012321 13.30%
0.0932 0.0932 0.008681 13.65%
0.0724 0.0724 0.005245 13.69%
-0.0223 -0.0223 0.000499 13.73%
0.0055 0.0055 3.03E-05
-0.0042 -0.0042 1.76E-05
0.0654 0.0654 0.00428
0.0128 0.0128 0.000164
-0.0002 -0.0002 3.93E-08
-0.1978 -0.1978 0.039121
0.0130 0.0130 0.00017
-0.1387 -0.1387 0.019249
-0.1300 -0.1300 0.016902
-0.0030 -0.0030 9.25E-06
0.0003 0.0003 1.07E-07
0.0004 0.0004 1.9E-07
-0.3616 -0.3616 0.130753
-0.0832 -0.0832 0.006923
0.0651 0.0651 0.004237
0.1978 0.1978 0.039139
0.0499 0.0499 0.002485
0.0104 0.0104 0.000108
-0.0098 -0.0098 9.52E-05
0.0715 0.0715 0.005108
0.1237 0.1237 0.015299
0.0777 0.0777 0.006035
-0.0194 -0.0194 0.000375
0.0040 0.0040 1.63E-05
0.0197 0.0197 0.000387
0.0242 0.0242 0.000585
0.0046 0.0046 2.09E-05
0.0538 0.0538 0.002899
0.0246 0.0246 0.000603
-0.1057 -0.1057 0.011168
0.0425 0.0425 0.001803
0.0820 0.0820 0.006721
-0.0671 -0.0671 0.004505
0.0204 0.0204 0.000415
0.0584 0.0584 0.003413
0.0601 0.0601 0.003613
0.0700 0.0700 0.004907

0.0079 12.64%
0.007398
0.086012

0.0765
Years Months
Lotte pk returns R-r¯ (R-r¯)2 index retun of index
2005 December 7.97 9557
2006 Jaunary 8.34 0.0464 0.0235 0.0006 10524 0.1012
Febrary 7.83 -0.0612 -0.0612 0.0037 11456 0.0886
March 7.93 0.0128 0.0128 0.0002 11486 0.0026
April 7.68 -0.0315 -0.0315 0.0010 11342 -0.0125
May 6.81 -0.1133 -0.1133 0.0128 9801 -0.1359
June 6.53 -0.0411 -0.0411 0.0017 9989 0.0192
July 6.71 0.0276 0.0276 0.0008 10498 0.0510
August 5.86 -0.1267 -0.1267 0.0160 10064 -0.0413
September 5.84 -0.0034 -0.0034 0.0000 10512 0.0445
October 5.48 -0.0616 -0.0616 0.0038 11328 0.0776
November 5.13 -0.0639 -0.0639 0.0041 10619 -0.0626
December 4.90 -0.0448 -0.0448 0.0020 10041 -0.0544
2007 Jaunary 5.15 0.0510 0.0510 0.0026 11272 0.1226
Febrary 4.90 -0.0485 -0.0485 0.0024 11180 -0.0082
March 4.18 -0.1469 -0.1469 0.0216 11272 0.0082
April 4.65 0.1124 0.1124 0.0126 12370 0.0974
May 5.13 0.1032 0.1032 0.0107 12961 0.0478
June 5.40 0.0526 0.0526 0.0028 13772 0.0626
July 5.68 0.0519 0.0519 0.0027 13739 -0.0024
August 4.93 -0.1320 -0.1320 0.0174 12214 -0.1110
September 4.95 0.0041 0.0041 0.0000 13352 0.0932
October 5.93 0.1980 0.1980 0.0392 14319 0.0724
November 5.71 -0.0371 -0.0371 0.0014 13999 -0.0223
December 5.08 -0.1103 -0.1103 0.0122 14076 0.0055
2008 Jaunary 5.32 0.0472 0.0472 0.0022 14017 -0.0042
Febrary 5.10 -0.0414 -0.0414 0.0017 14934 0.0654
March 5.56 0.0902 0.0902 0.0081 15125 0.0128
April 5.25 -0.0558 -0.0558 0.0031 15122 -0.0002
May 4.65 -0.1143 -0.1143 0.0131 12131 -0.1978
June 4.23 -0.0903 -0.0903 0.0082 12289 0.0130
July 3.64 -0.1395 -0.1395 0.0195 10584 -0.1387
August 3.19 -0.1236 -0.1236 0.0153 9208 -0.1300
September 3.18 -0.0031 -0.0031 0.0000 9180 -0.0030
October 3.18 0.0000 0.0000 0.0000 9183 0.0003
November 3.18 0.0000 0.0000 0.0000 9187 0.0004
December 1.51 -0.5252 -0.5252 0.2758 5865 -0.3616
2009 Jaunary 2.13 0.4106 0.4106 0.1686 5377 -0.0832
Febrary 2.19 0.0282 0.0282 0.0008 5727 0.0651
March 2.99 0.3653 0.3653 0.1334 6860 0.1978
April 3.07 0.0268 0.0268 0.0007 7202 0.0499
May 3.50 0.1401 0.1401 0.0196 7277 0.0104
June 2.89 -0.1743 -0.1743 0.0304 7206 -0.0098
July 2.94 0.0173 0.0173 0.0003 7721 0.0715
August 5.06 0.7211 0.7211 0.5200 8676 0.1237
September 5.68 0.1225 0.1225 0.0150 9350 0.0777
October 7.22 0.2711 0.2711 0.0735 9169 -0.0194
November 7.67 0.0623 0.0623 0.0039 9206 0.0040
December 7.95 0.0365 0.0365 0.0013 9387 0.0197
 2010 Jaunary 9.06 0.1396 0.1396 0.0195 9614 0.0242
Febrary 10.01 0.1049 0.1049 0.0110 9658 0.0046
March 11.07 0.1059 0.1059 0.0112 10178 0.0538
April 11.23 0.0145 0.0145 0.0002 10428 0.0246
May 8.76 -0.2199 -0.2199 0.0484 9326 -0.1057
June 8.18 -0.0662 -0.0662 0.0044 9722 0.0425
July 8.52 0.0416 0.0416 0.0017 10519 0.0820
August 8.35 -0.0200 -0.0200 0.0004 9813 -0.0671
September 8.36 0.0012 0.0012 0.0000 10013 0.0204
October 10.80 0.2919 0.2919 0.0852 10598 0.0584
November 12.23 0.1324 0.1324 0.0175 11235 0.0601
December 13.92 0.1382 0.1382 0.0191 12022 0.0700

Mean 0.0229 0.0079

Variance 0.0284
Standard Deviation 0.1686
Covariance 0.0086
Row( 0.5959
Beta(I)=δi/δm*ρ 1.168
Ri=rf+(rm-rf)β
 R-r¯ (R-r¯)2 T-Bills Monthlr rate

0.0933 0.008698 12.02%

0.0886 0.007843 11.98%
0.0026 6.86E-06 12.05%
-0.0125 0.000157 12.27%
-0.1359 0.01846 12.36%
0.0192 0.000368 12.36%
0.0510 0.002597 12.30%
-0.0413 0.001709 12.34%
0.0445 0.001982 12.21%
0.0776 0.006026 12.17%
-0.0626 0.003917 12.30%
-0.0544 0.002963 12.38%
0.1226 0.01503 12.44%
-0.0082 6.66E-05 12.45%
0.0082 6.77E-05 12.78%
0.0974 0.009489 12.78%
0.0478 0.002283 12.79%
0.0626 0.003915 13.22%
-0.0024 5.74E-06 13.24%
-0.1110 0.012321 13.30%
0.0932 0.008681 13.65%
0.0724 0.005245 13.69%
-0.0223 0.000499 13.73%
0.0055 3.03E-05
-0.0042 1.76E-05
0.0654 0.00428
0.0128 0.000164
-0.0002 3.93E-08
-0.1978 0.039121
0.0130 0.00017
-0.1387 0.019249
-0.1300 0.016902
-0.0030 9.25E-06
0.0003 1.07E-07
0.0004 1.9E-07
-0.3616 0.130753
-0.0832 0.006923
0.0651 0.004237
0.1978 0.039139
0.0499 0.002485
0.0104 0.000108
-0.0098 9.52E-05
0.0715 0.005108
0.1237 0.015299
0.0777 0.006035
-0.0194 0.000375
0.0040 1.63E-05
0.0197 0.000387
0.0242 0.000585
0.0046 2.09E-05
0.0538 0.002899
0.0246 0.000603
-0.1057 0.011168
0.0425 0.001803
0.0820 0.006721
-0.0671 0.004505
0.0204 0.000415
0.0584 0.003413
0.0601 0.003613
0.0700 0.004907

12.64%
0.007398
0.086012

-0.0120
Years Months
World call returns R-r¯ (R-r¯)2 index retun of index
2005 December 9.78 9557
2006 Jaunary 11.12 0.1370 0.1430 0.0205 10524 0.1012
Febrary 11.55 0.0387 0.0387 0.0015 11456 0.0886
March 10.73 -0.0710 -0.0710 0.0050 11486 0.0026
April 9.72 -0.0941 -0.0941 0.0089 11342 -0.0125
May 8.08 -0.1687 -0.1687 0.0285 9801 -0.1359
June 8.74 0.0817 0.0817 0.0067 9989 0.0192
July 10.73 0.2277 0.2277 0.0518 10498 0.0510
August 10.32 -0.0382 -0.0382 0.0015 10064 -0.0413
September 11.23 0.0882 0.0882 0.0078 10512 0.0445
October 11.24 0.0009 0.0009 0.0000 11328 0.0776
November 11.22 -0.0018 -0.0018 0.0000 10619 -0.0626
December 10.01 -0.1078 -0.1078 0.0116 10041 -0.0544
2007 Jaunary 10.37 0.0360 0.0360 0.0013 11272 0.1226
Febrary 9.89 -0.0463 -0.0463 0.0021 11180 -0.0082
March 11.11 0.1234 0.1234 0.0152 11272 0.0082
April 13.39 0.2052 0.2052 0.0421 12370 0.0974
May 17.98 0.3428 0.3428 0.1175 12961 0.0478
June 18.68 0.0389 0.0389 0.0015 13772 0.0626
July 20.27 0.0851 0.0851 0.0072 13739 -0.0024
August 17.29 -0.1470 -0.1470 0.0216 12214 -0.1110
September 20.68 0.1961 0.1961 0.0384 13352 0.0932
October 18.63 -0.0991 -0.0991 0.0098 14319 0.0724
November 18.08 -0.0295 -0.0295 0.0009 13999 -0.0223
December 16.60 -0.0819 -0.0819 0.0067 14076 0.0055
2008 Jaunary 16.29 -0.0187 -0.0187 0.0003 14017 -0.0042
Febrary 17.14 0.0522 0.0522 0.0027 14934 0.0654
March 16.90 -0.0140 -0.0140 0.0002 15125 0.0128
April 16.13 -0.0456 -0.0456 0.0021 15122 -0.0002
May 13.99 -0.1327 -0.1327 0.0176 12131 -0.1978
June 14.52 0.0379 0.0379 0.0014 12289 0.0130
July 10.02 -0.3099 -0.3099 0.0960 10584 -0.1387
August 7.49 -0.2525 -0.2525 0.0638 9208 -0.1300
September 7.80 0.0414 0.0414 0.0017 9180 -0.0030
October 7.80 0.0000 0.0000 0.0000 9183 0.0003
November 7.80 0.0000 0.0000 0.0000 9187 0.0004
December 3.67 -0.5295 -0.5295 0.2804 5865 -0.3616
2009 Jaunary 3.21 -0.1253 -0.1253 0.0157 5377 -0.0832
Febrary 2.51 -0.2181 -0.2181 0.0476 5727 0.0651
March 3.00 0.1952 0.1952 0.0381 6860 0.1978
April 3.16 0.0533 0.0533 0.0028 7202 0.0499
May 3.02 -0.0443 -0.0443 0.0020 7277 0.0104
June 2.51 -0.1689 -0.1689 0.0285 7206 -0.0098
July 4.00 0.5936 0.5936 0.3524 7721 0.0715
August 3.57 -0.1075 -0.1075 0.0116 8676 0.1237
September 4.26 0.1933 0.1933 0.0374 9350 0.0777
October 3.56 -0.1643 -0.1643 0.0270 9169 -0.0194
November 3.36 -0.0562 -0.0562 0.0032 9206 0.0040
December 3.72 0.1071 0.1071 0.0115 9387 0.0197
 2010 Jaunary 3.76 0.0108 0.0108 0.0001 9614 0.0242
Febrary 4.85 0.2899 0.2899 0.0840 9658 0.0046
March 4.66 -0.0392 -0.0392 0.0015 10178 0.0538
April 4.25 -0.0880 -0.0880 0.0077 10428 0.0246
May 3.47 -0.1835 -0.1835 0.0337 9326 -0.1057
June 2.90 -0.1643 -0.1643 0.0270 9722 0.0425
July 3.08 0.0621 0.0621 0.0039 10519 0.0820
August 2.55 -0.1721 -0.1721 0.0296 9813 -0.0671
September 2.45 -0.0392 -0.0392 0.0015 10013 0.0204
October 2.49 0.0163 0.0163 0.0003 10598 0.0584
November 2.62 0.0522 0.0522 0.0027 11235 0.0601
December 2.86 0.0916 0.0916 0.0084 12022 0.0700

Mean -0.0060 0.0079

Variance 0.0275
Standard Deviation 0.166
Covariance 0.0094
Row( 0.6555
Beta(I)=δi/δm*ρ 1.2647
Ri=rf+(rm-rf)β
 R-r¯ (R-r¯)2 T-Bills Monthlr rate

0.0933 0.008698 12.02%

0.0886 0.007843 11.98%
0.0026 6.86E-06 12.05%
-0.0125 0.000157 12.27%
-0.1359 0.01846 12.36%
0.0192 0.000368 12.36%
0.0510 0.002597 12.30%
-0.0413 0.001709 12.34%
0.0445 0.001982 12.21%
0.0776 0.006026 12.17%
-0.0626 0.003917 12.30%
-0.0544 0.002963 12.38%
0.1226 0.01503 12.44%
-0.0082 6.66E-05 12.45%
0.0082 6.77E-05 12.78%
0.0974 0.009489 12.78%
0.0478 0.002283 12.79%
0.0626 0.003915 13.22%
-0.0024 5.74E-06 13.24%
-0.1110 0.012321 13.30%
0.0932 0.008681 13.65%
0.0724 0.005245 13.69%
-0.0223 0.000499 13.73%
0.0055 3.03E-05
-0.0042 1.76E-05
0.0654 0.00428
0.0128 0.000164
-0.0002 3.93E-08
-0.1978 0.039121
0.0130 0.00017
-0.1387 0.019249
-0.1300 0.016902
-0.0030 9.25E-06
0.0003 1.07E-07
0.0004 1.9E-07
-0.3616 0.130753
-0.0832 0.006923
0.0651 0.004237
0.1978 0.039139
0.0499 0.002485
0.0104 0.000108
-0.0098 9.52E-05
0.0715 0.005108
0.1237 0.015299
0.0777 0.006035
-0.0194 0.000375
0.0040 1.63E-05
0.0197 0.000387
0.0242 0.000585
0.0046 2.09E-05
0.0538 0.002899
0.0246 0.000603
-0.1057 0.011168
0.0425 0.001803
0.0820 0.006721
-0.0671 0.004505
0.0204 0.000415
0.0584 0.003413
0.0601 0.003613
0.0700 0.004907

12.64%
0.007398
0.086012

-0.0235
Years Months
Bavany returns R-r¯ (R-r¯)2 index retun of index
2005 December 17.50 9557
2006 Jaunary 16.06 -0.0823 -0.0911 0.0083 10524 0.1012
Febrary 19.85 0.2360 0.2360 0.0557 11456 0.0886
March 17.90 -0.0982 -0.0982 0.0097 11486 0.0026
April 18.90 0.0559 0.0559 0.0031 11342 -0.0125
May 18.00 -0.0476 -0.0476 0.0023 9801 -0.1359
June 16.75 -0.0694 -0.0694 0.0048 9989 0.0192
July 16.00 -0.0448 -0.0448 0.0020 10498 0.0510
August 14.95 -0.0656 -0.0656 0.0043 10064 -0.0413
September 12.50 -0.1639 -0.1639 0.0269 10512 0.0445
October 12.00 -0.0400 -0.0400 0.0016 11328 0.0776
November 15.00 0.2500 0.2500 0.0625 10619 -0.0626
December 14.50 -0.0333 -0.0333 0.0011 10041 -0.0544
2007 Jaunary 14.75 0.0172 0.0172 0.0003 11272 0.1226
Febrary 14.75 0.0000 0.0000 0.0000 11180 -0.0082
March 18.00 0.2203 0.2203 0.0485 11272 0.0082
April 18.50 0.0278 0.0278 0.0008 12370 0.0974
May 15.12 -0.1827 -0.1827 0.0334 12961 0.0478
June 14.50 -0.0410 -0.0410 0.0017 13772 0.0626
July 15.67 0.0807 0.0807 0.0065 13739 -0.0024
August 11.60 -0.2597 -0.2597 0.0675 12214 -0.1110
September 12.15 0.0474 0.0474 0.0022 13352 0.0932
October 12.50 0.0288 0.0288 0.0008 14319 0.0724
November 13.25 0.0600 0.0600 0.0036 13999 -0.0223
December 12.00 -0.0943 -0.0943 0.0089 14076 0.0055
2008 Jaunary 15.80 0.3167 0.3167 0.1003 14017 -0.0042
Febrary 14.90 -0.0570 -0.0570 0.0032 14934 0.0654
March 19.21 0.2893 0.2893 0.0837 15125 0.0128
April 21.39 0.1135 0.1135 0.0129 15122 -0.0002
May 18.30 -0.1445 -0.1445 0.0209 12131 -0.1978
June 15.64 -0.1454 -0.1454 0.0211 12289 0.0130
July 11.45 -0.2679 -0.2679 0.0718 10584 -0.1387
August 6.30 -0.4498 -0.4498 0.2023 9208 -0.1300
September 6.30 0.0000 0.0000 0.0000 9180 -0.0030
October 6.30 0.0000 0.0000 0.0000 9183 0.0003
November 6.30 0.0000 0.0000 0.0000 9187 0.0004
December 3.79 -0.3984 -0.3984 0.1587 5865 -0.3616
2009 Jaunary 3.51 -0.0739 -0.0739 0.0055 5377 -0.0832
Febrary 2.90 -0.1738 -0.1738 0.0302 5727 0.0651
March 3.83 0.3207 0.3207 0.1028 6860 0.1978
April 3.40 -0.1123 -0.1123 0.0126 7202 0.0499
May 3.50 0.0294 0.0294 0.0009 7277 0.0104
June 3.55 0.0143 0.0143 0.0002 7206 -0.0098
July 4.69 0.3211 0.3211 0.1031 7721 0.0715
August 4.22 -0.1002 -0.1002 0.0100 8676 0.1237
September 4.30 0.0190 0.0190 0.0004 9350 0.0777
October 4.00 -0.0698 -0.0698 0.0049 9169 -0.0194
November 4.76 0.1900 0.1900 0.0361 9206 0.0040
December 4.70 -0.0126 -0.0126 0.0002 9387 0.0197
 2010 Jaunary 6.70 0.4255 0.4255 0.1811 9614 0.0242
Febrary 11.28 0.6836 0.6836 0.4673 9658 0.0046
March 9.87 -0.1250 -0.1250 0.0156 10178 0.0538
April 14.95 0.5147 0.5147 0.2649 10428 0.0246
May 12.44 -0.1679 -0.1679 0.0282 9326 -0.1057
June 11.05 -0.1117 -0.1117 0.0125 9722 0.0425
July 15.60 0.4118 0.4118 0.1696 10519 0.0820
August 11.81 -0.2429 -0.2429 0.0590 9813 -0.0671
September 12.98 0.0991 0.0991 0.0098 10013 0.0204
October 9.00 -0.3066 -0.3066 0.0940 10598 0.0584
November 10.00 0.1111 0.1111 0.0123 11235 0.0601
December 8.25 -0.1750 -0.1750 0.0306 12022 0.0700

Mean 0.0088 0.0079

Variance 0.0447
Standard Deviation 0.2115
Covariance 0.0068
Row( 0.3757
Beta(I)=δi/δm*ρ 0.9238
Ri=rf+(rm-rf)β
 R-r¯ (R-r¯)2 T-Bills Monthlr rate

0.0933 0.008698 12.02%

0.0886 0.007843 11.98%
0.0026 6.86E-06 12.05%
-0.0125 0.000157 12.27%
-0.1359 0.01846 12.36%
0.0192 0.000368 12.36%
0.0510 0.002597 12.30%
-0.0413 0.001709 12.34%
0.0445 0.001982 12.21%
0.0776 0.006026 12.17%
-0.0626 0.003917 12.30%
-0.0544 0.002963 12.38%
0.1226 0.01503 12.44%
-0.0082 6.66E-05 12.45%
0.0082 6.77E-05 12.78%
0.0974 0.009489 12.78%
0.0478 0.002283 12.79%
0.0626 0.003915 13.22%
-0.0024 5.74E-06 13.24%
-0.1110 0.012321 13.30%
0.0932 0.008681 13.65%
0.0724 0.005245 13.69%
-0.0223 0.000499 13.73%
0.0055 3.03E-05
-0.0042 1.76E-05
0.0654 0.00428
0.0128 0.000164
-0.0002 3.93E-08
-0.1978 0.039121
0.0130 0.00017
-0.1387 0.019249
-0.1300 0.016902
-0.0030 9.25E-06
0.0003 1.07E-07
0.0004 1.9E-07
-0.3616 0.130753
-0.0832 0.006923
0.0651 0.004237
0.1978 0.039139
0.0499 0.002485
0.0104 0.000108
-0.0098 9.52E-05
0.0715 0.005108
0.1237 0.015299
0.0777 0.006035
-0.0194 0.000375
0.0040 1.63E-05
0.0197 0.000387
0.0242 0.000585
0.0046 2.09E-05
0.0538 0.002899
0.0246 0.000603
-0.1057 0.011168
0.0425 0.001803
0.0820 0.006721
-0.0671 0.004505
0.0204 0.000415
0.0584 0.003413
0.0601 0.003613
0.0700 0.004907

12.64%
0.007398
0.086012

0.0170