SUMMARY OUTPUT

Regression Statistics
Multiple R 0.9977575927353
R Square 0.9955202138609
Adjusted R Square0.99544428528231
Standard Error 0.0567254208278
Observations 61

ANOVA
df SS MS F
Regression 1 42.189100460431 42.1891004604307 13111.2715639795
Residual 59 0.1898486287176 0.003217773368095
Total 60 42.378949089148

Coefficients Standard Error t Stat P-value

Intercept -0.011575215907 0.0116948662625 -0.98976898470641 0.326328944787708
X Variable 1 0.9899827945721 0.0086458011056 114.504460891179 5.3420340104957E-71
 Significance F
5.342034010496E-71

Lower 95% Upper 95% Lower 95.0% Upper 95.0%

-0.034976589245669 0.01182615743176 -0.034976589245669 0.011826157431756
0.972682586519858 1.00728300262431 0.972682586519858 1.00728300262431
 Google
Date TN1 Monthly SNP 500 return Google Monthly SP Excess
Excess
12/1/2015 0.07 -0.01753018518 -0.0051604426226 -0.08 -0.09
1/1/2016 0.17 -0.05073532197 0.05375836778821 -0.12 -0.22
2/1/2016 0.23 -0.00412836043 0.10435869496682 -0.12 -0.23
3/1/2016 0.26 0.065991114577 0.00024307236743 -0.26 -0.19
4/1/2016 0.25 0.002699398481 0.04456328162664 -0.21 -0.25
5/1/2016 0.19 0.015324602358 -0.0577101340582 -0.25 -0.17
6/1/2016 0.23 0.000910921121 0.08528150380409 -0.14 -0.23
7/1/2016 0.22 0.035609801125 0.02320993282992 -0.20 -0.19
8/1/2016 0.26 -0.00121924314 -0.0312082846553 -0.29 -0.26
9/1/2016 0.26 -0.00123445084 0.00910553583401 -0.25 -0.26
10/1/2016 0.19 -0.01942567928 -0.0358659745546 -0.23 -0.21
11/1/2016 0.24 0.034174522188 -0.0791977593394 -0.32 -0.21
12/1/2016 0.30 0.018200762197 -0.0177656714464 -0.32 -0.28
1/1/2017 0.42 0.017884358171 0.05095650086957 -0.37 -0.41
2/1/2017 0.50 0.037198160337 0.03640575945204 -0.46 -0.46
3/1/2017 0.48 -0.00038919719 -0.0042311409081 -0.49 -0.48
4/1/2017 0.66 0.009091208549 0.01507249760398 -0.65 -0.65
5/1/2017 0.75 0.011576251391 0.00465999850868 -0.74 -0.73
6/1/2017 0.73 0.004813775091 -0.024606956761 -0.75 -0.72
7/1/2017 0.84 0.019348826118 0.02087533329805 -0.82 -0.82
8/1/2017 0.97 0.000546432811 0.03915993679128 -0.93 -0.97
9/1/2017 0.98 0.019302978533 -0.0263637382554 -1.01 -0.96
10/1/2017 0.99 0.02218813533 -0.0113148653921 -1.01 -0.97
11/1/2017 1.00 0.00372004301 0.00489341041831 -0.99 -0.99
12/1/2017 1.09 0.034342557364 0.02599756461976 -1.06 -1.06
1/1/2018 1.20 0.056178704444 0.02503249619031 -1.18 -1.15
2/1/2018 1.30 -0.03894737206 -0.0175504107543 -1.32 -1.34
3/1/2018 1.38 -0.02688449862 0.00554925807678 -1.37 -1.41
4/1/2018 1.64 0.002718775132 -0.0049894902899 -1.64 -1.63
5/1/2018 1.66 0.021608341965 -0.01223216502 -1.67 -1.64
6/1/2018 1.71 0.004842436024 -0.03753551873 -1.74 -1.70
7/1/2018 1.81 0.036021556221 -0.0220571381117 -1.83 -1.77
8/1/2018 1.89 0.030263211466 -0.0191222545861 -1.91 -1.86
9/1/2018 1.94 0.004294287103 -0.007331540982 -1.95 -1.94
10/1/2018 2.04 -0.06940335602 0.01745702811582 -2.02 -2.11
11/1/2018 2.17 0.017859356789 0.00651645770906 -2.17 -2.16
12/1/2018 2.24 -0.0917768946 0.05286018897734 -2.19 -2.33
1/1/2019 2.37 0.078684401655 0.02724371552498 -2.34 -2.29
2/1/2019 2.40 0.029728889126 -0.0052283869487 -2.41 -2.37
3/1/2019 2.43 0.017924256212 -0.0122639376897 -2.44 -2.41
4/1/2019 2.45 0.039313498396 -0.010719443607 -2.47 -2.41
5/1/2019 2.43 -0.06577773119 0.01792952847011 -2.41 -2.49
6/1/2019 2.40 0.068930163926 0.06869348111045 -2.33 -2.33
 7/1/2019 2.22 0.01312815215 0.02192760730921 -2.20 -2.21
8/1/2019 2.15 -0.01809162728 0.06521281927292 -2.09 -2.17
9/1/2019 2.07 0.017181177829 -0.0351524098767 -2.10 -2.05
10/1/2019 1.99 0.020431770731 0.03117969197503 -1.95 -1.97
11/1/2019 1.73 0.034047037422 -0.0303030615805 -1.76 -1.69
12/1/2019 1.58 0.028589818965 0.03677676370268 -1.55 -1.56
1/1/2020 1.55 -0.00162809258 0.04172426719316 -1.51 -1.55
2/1/2020 1.53 -0.08411048368 0.03765239440037 -1.50 -1.62
3/1/2020 1.58 -0.12511928246 -0.0359817205479 -1.61 -1.70
4/1/2020 0.37 0.126844038257 0.06366043038534 -0.31 -0.24
5/1/2020 0.11 0.045281819676 0.04215651470471 -0.07 -0.06
6/1/2020 0.10 0.018388396357 0.02153603581089 -0.08 -0.08
7/1/2020 0.13 0.055101321441 0.0947016447295 -0.04 -0.07
8/1/2020 0.11 0.070064667087 0.00244544878753 -0.10 -0.04
9/1/2020 0.08 -0.03922797029 -0.0407094820985 -0.12 -0.12
10/1/2020 0.09 -0.0276657862 -0.0053509806623 -0.09 -0.12
11/1/2020 0.09 0.112658913685 -0.0508682213589 -0.14 0.03
11/27/2020 0.09 0 0.00347940508249 -0.08 -0.09
 SnP 500 & Google Excess Return
0.50

0.00
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57

-0.50

-1.00

-1.50

-2.00

-2.50

-3.00

SP Excess Google Excess

n

43 45 47 49 51 53 55 57 59 61
Google
Close Return
1065.8
1060.3 -0.00516044262257
1117.3 0.053758367788211
1233.9 0.104358694966817
1234.2 0.000243072367425
1289.2 0.044563281626642
1214.8 -0.05771013405817
1318.4 0.085281503804088
1349 0.023209932829916
1306.9 -0.0312082846553
1318.8 0.00910553583401
1271.5 -0.03586597455457
1170.8 -0.07919775933936
1150 -0.01776567144643
1208.6 0.050956500869565
1252.6 0.036405759452042
1247.3 -0.00423114090815
1266.1 0.015072497603983
1272 0.00465999850868
1240.7 -0.02460695676101
1266.6 0.020875333298051
1316.2 0.039159936791283
1281.5 -0.02636373825545
1267 -0.01131486539212
1273.2 0.004893410418311
1306.3 0.025997564619762
1339 0.025032496190314
1315.5 -0.01755041075429
1322.8 0.005549258076777
1316.2 -0.00498949028993
1300.1 -0.01223216502004
1251.3 -0.03753551872998
1223.7 -0.02205713811172
1200.3 -0.01912225458608
1191.5 -0.00733154098205
1212.3 0.01745702811582
1220.2 0.00651645770906
1284.7 0.052860188977339
1319.7 0.02724371552498
1312.8 -0.00522838694869
1296.7 -0.01226393768972
1282.8 -0.01071944360704
1305.8 0.017929528470107
1395.5 0.068693481110445
1426.1 0.021927607309208
1519.1 0.065212819272918
1465.7 -0.03515240987668
1511.4 0.031179691975032
1465.6 -0.03030306158047
1519.5 0.036776763702676
1582.9 0.041724267193156
1642.5 0.037652394400368
1583.4 -0.03598172054795
1684.2 0.063660430385342
1755.2 0.042156514704708
1793 0.021536035810885
1962.8 0.094701644729504
1967.6 0.002445448787535
1887.5 -0.04070948209851
1877.4 -0.00535098066225
1781.9 -0.05086822135888
1788.1 0.003479405082493