Mkt-RF SMB HML RF

198603 4.88 -0.59 -0.39 0.6

Bramble Stock Prices (Y1
198604 -1.31 2.78 -2.87 0.52
198605 4.62 -1.35 -0.21 0.49 120.00
198606 1.03 -0.96 1.28 0.52
198607 -6.45 -3.36 4.7 0.52 100.00
198608 6.07 -4.17 3.51 0.46
198609 -8.6 2.36 3.22 0.45 80.00
198610 4.66 -2.5 -1.42 0.46

Adj Close
198611 1.17 -1.91 -0.07 0.39 60.00
198612 -3.27 0.13 0.36 0.49
198701 12.47 -1.81 -3.16 0.42 40.00
198702 4.39 3.49 -5.91 0.43
198703 1.64 0.45 1.61 0.47 20.00
198704 -2.11 -1.69 -0.39 0.44
198705 0.11 -0.5 0.23 0.38 0.00
198706 3.94 -2.12 1.04 0.48 9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021
198707 3.85 -0.69 0.68 0.46 Date
198708 3.52 -0.77 -0.93 0.47
198709 -2.59 0.54 0.27 0.45
198710 -23.24 -8.43 4.24 0.6
198711 -7.77 2.72 2.95 0.35 AEX (X Variable)
198712 6.81 0.13 -4.43 0.39 900.00
198801 4.21 -0.72 5.01 0.29
198802 4.75 3.34 -1.71 0.46 800.00

198803 -2.27 6.15 0.73 0.44 700.00

198804 0.56 1 1.67 0.46
600.00
198805 -0.29 -2.6 2.42 0.51
198806 4.79 2.11 -1.24 0.49 500.00
Adj Close

198807 -1.25 -0.25 2.22 0.51 400.00

198808 -3.31 0.04 2.15 0.59
198809 3.3 -1.31 -0.75 0.62 300.00
198810 1.15 -2.93 2.05 0.61 200.00
198811 -2.29 -1.72 1.41 0.57
100.00
198812 1.49 1.95 -1.69 0.63
198901 6.1 -2.23 0.6 0.55 0.00
198902 -2.25 2.82 1.01 0.61 9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021

198903 1.57 0.67 0.58 0.67 Date

198904 4.33 -0.68 -1.42 0.67
198905 3.35 -0.05 -0.88 0.79
198906 -1.35 -1.02 2.25 0.71
198907 7.2 -4.14 -2.79 0.7 X variable Stock
198908 1.44 0.56 0.6 0.74 6.00%
198909 -0.76 0.32 -1.27 0.65
198910 -3.67 -3.23 -1.11 0.68 4.00%
ariable Stock Returns

198911 1.03 -1.24 -1.09 0.69

198912 1.16 -2.36 0.16 0.61 2.00%

0.00%
9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1
-2.00%
 4.00%

X variable Stock Returns

2.00%
199001 -7.85 -1.24 0.85 0.57
0.00%
199002 1.11 0.99 0.64 0.57
9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1
199003 1.83 1.5 -2.92 0.64
-2.00%
199004 -3.36 -0.46 -2.59 0.69
199005 8.42 -2.53 -3.83 0.68 -4.00%
199006 -1.09 1.4 -1.93 0.63
199007 -1.9 -3.12 -0.03 0.68 -6.00%
199008 -10.15 -3.57 1.64 0.66 Date
199009 -6.12 -3.65 0.64 0.6
199010 -1.92 -5.57 0.1 0.68
199011 6.35 0.43 -3.1 0.57
199012 2.46 0.81 -1.7 0.6
199101 4.69 3.81 -1.6 0.52
199102 7.19 3.95 -0.58 0.48
199103 2.65 3.93 -1.39 0.44
199104 -0.28 0.48 1.5 0.53
199105 3.65 -0.4 -0.52 0.47
199106 -4.94 0.13 1.15 0.42
199107 4.24 -0.92 -1.32 0.49
199108 2.32 1.58 -0.78 0.46
199109 -1.59 1.64 -1.08 0.46
199110 1.29 0.81 -0.47 0.42
199111 -4.19 -0.5 -1.89 0.39
199112 10.84 -2.24 -4.17 0.38
199201 -0.59 8.46 4.71 0.34
199202 1.09 0.87 6.47 0.28
199203 -2.66 -1.04 3.56 0.34
199204 1.07 -6.06 4.34 0.32
199205 0.3 0.41 1.19 0.28
199206 -2.34 -3.07 3.24 0.32
199207 3.77 -0.47 -0.56 0.31
199208 -2.38 -0.13 -1.1 0.26
199209 1.19 0.54 -0.26 0.26
199210 1.02 2.09 -1.98 0.23
199211 4.13 3.76 -1.35 0.23
199212 1.53 1.69 2.62 0.28
199301 0.93 1.89 5.94 0.23
199302 0.12 -3.48 6.42 0.22
199303 2.3 0.24 1.18 0.25
199304 -3.05 -0.67 2.49 0.24
199305 2.89 2.04 -3.42 0.22
199306 0.31 -0.29 2.75 0.25
199307 -0.34 0.96 2.85 0.24
199308 3.71 0.13 0.13 0.25
199309 -0.12 3.04 -0.31 0.26
199310 1.41 2.03 -2.76 0.22
199311 -1.89 -1.25 -0.74 0.25
199312 1.65 1.23 0.32 0.23
199401 2.87 0.34 1.15 0.25
199402 -2.55 2.8 -1.54 0.21
199403 -4.78 -1.08 1.6 0.27
199404 0.68 -0.93 1.66 0.27
199405 0.58 -2.15 0.67 0.31
199406 -3.03 -0.41 1.67 0.31
199407 2.82 -1.81 0.58 0.28
199408 4.01 1.45 -2.51 0.37
199409 -2.31 3.14 -1.89 0.37
199410 1.34 -2.24 -1.62 0.38
199411 -4.04 0.25 -0.7 0.37
199412 0.86 0.22 -0.13 0.44
199501 1.8 -3.5 2.57 0.42
199502 3.63 -0.66 1.08 0.4
199503 2.19 -0.16 -2.15 0.46
199504 2.11 -0.49 1.71 0.44
199505 2.9 -2.55 2.29 0.54
199506 2.72 3.18 -2.54 0.47
199507 3.72 2.07 -1.62 0.45
199508 0.55 1.35 2.79 0.47
199509 3.35 -2.2 -0.04 0.43
199510 -1.52 -3.78 -0.5 0.47
199511 3.96 -1.09 0.51 0.42
199512 1.03 0.7 0.22 0.49
199601 2.26 -2.73 0.38 0.43
199602 1.33 1.79 -1.08 0.39
199603 0.73 1.49 0.35 0.39
199604 2.06 5.23 -4.02 0.46
199605 2.36 3.17 -0.83 0.42
199606 -1.14 -4.01 2.35 0.4
199607 -5.97 -4.31 5.14 0.45
199608 2.77 2.44 -0.74 0.41
199609 5.01 -0.98 -2.72 0.44
199610 0.86 -4.44 4.94 0.42
199611 6.25 -4.02 1.39 0.41
199612 -1.7 3.16 1.31 0.46
199701 4.99 -1.95 -1.42 0.45
199702 -0.49 -3.22 5.67 0.39
199703 -5.03 -0.36 3.39 0.43
199704 4.04 -5.77 0.07 0.43
199705 6.74 5.19 -4.13 0.49
199706 4.1 1.22 1.58 0.37
199707 7.33 -2.74 0.26 0.43
199708 -4.15 7.28 1.18 0.41
199709 5.35 2.53 0.37 0.44
199710 -3.8 -0.74 2.27 0.42
199711 2.98 -5.11 1.19 0.39
199712 1.32 -2.49 3.84 0.48
199801 0.15 -1.06 -1.63 0.43
199802 7.04 0.32 -0.85 0.39
199803 4.76 -1.14 1.39 0.39
199804 0.73 0.07 0.94 0.43
199805 -3.07 -3.36 3.4 0.4
199806 3.18 -3.2 -1.97 0.41
199807 -2.46 -4.92 -1.78 0.4
199808 -16.08 -5.7 3.53 0.43
199809 6.15 0.1 -3.42 0.46
199810 7.13 -3.12 -2.23 0.32
199811 6.1 1.22 -3.25 0.31
199812 6.16 -0.5 -4.19 0.38
199901 3.5 0.76 -4.6 0.35
199902 -4.08 -6.09 1.92 0.35
199903 3.45 -3.79 -2.74 0.43
199904 4.33 3.91 2.46 0.37
199905 -2.46 3.34 2.35 0.34
199906 4.77 3.09 -3.19 0.4
199907 -3.49 2.6 -0.44 0.38
199908 -1.38 -0.94 -1.87 0.39
199909 -2.79 3.41 -3.5 0.39
199910 6.12 -6.64 -3.37 0.39
199911 3.37 7.2 -6.11 0.36
199912 7.72 7.02 -8.32 0.44
200001 -4.74 5.79 -1.91 0.41
200002 2.45 21.42 -9.7 0.43
200003 5.2 -17.23 8.17 0.47
200004 -6.4 -6.68 7.26 0.46
200005 -4.42 -6.09 4.81 0.5
200006 4.64 12.85 -8.43 0.4
200007 -2.51 -3.06 8.3 0.48
200008 7.03 -0.62 -1.38 0.5
200009 -5.45 -1.82 7.17 0.51
200010 -2.76 -3.87 5.7 0.56
200011 -10.72 -3.43 12.32 0.51
200012 1.19 0.72 7.61 0.5
200101 3.13 6.69 -5.09 0.54
200102 -10.05 -0.79 12.48 0.38
200103 -7.26 0.24 6.42 0.42
200104 7.94 0.55 -4.68 0.39
200105 0.72 2.49 3.38 0.32
200106 -1.94 6.24 -1.13 0.28
200107 -2.13 -4.19 5.21 0.3
200108 -6.46 2.48 2.3 0.31
200109 -9.25 -6.23 1.45 0.28
200110 2.46 7.49 -7.66 0.22
200111 7.54 -0.47 2.22 0.17
200112 1.6 4.73 0.85 0.15
200201 -1.44 1.19 3.44 0.14
200202 -2.29 -1 2.16 0.13
200203 4.24 4.21 1.06 0.13
200204 -5.2 5.96 3.88 0.15
200205 -1.38 -3.21 1.53 0.14
200206 -7.21 4.29 -0.03 0.13
200207 -8.18 -5.28 -3.85 0.15
200208 0.5 -2.86 3.29 0.14
200209 -10.35 2.4 1.47 0.14
200210 7.84 -3.4 -3.94 0.14
200211 5.96 3.19 -1.21 0.12
200212 -5.76 0.09 2.14 0.11
200301 -2.57 1.35 -0.81 0.1
200302 -1.88 -0.45 -1.38 0.09
200303 1.09 1.03 -1.91 0.1
200304 8.22 0.66 1.17 0.1
200305 6.05 4.74 0.5 0.09
200306 1.42 1.77 0.15 0.1
200307 2.35 5.05 -1.24 0.07
200308 2.34 2.59 1.54 0.07
200309 -1.24 0.8 0.15 0.08
200310 6.08 2.69 1.97 0.07
200311 1.35 2.07 1.78 0.07
200312 4.29 -2.68 1.61 0.08
200401 2.15 2.55 2.48 0.07
200402 1.4 -1.58 0.91 0.06
200403 -1.32 1.72 0.28 0.09
200404 -1.83 -1.68 -3.09 0.08
200405 1.17 -0.2 -0.24 0.06
200406 1.86 2.26 1.19 0.08
200407 -4.06 -3.81 3.23 0.1
200408 0.08 -1.49 1 0.11
200409 1.6 3.02 -0.01 0.11
200410 1.43 0.15 -0.22 0.11
200411 4.54 3.74 1.42 0.15
200412 3.43 -0.03 -0.22 0.16
200501 -2.76 -1.72 2.06 0.16
200502 1.89 -0.57 1.53 0.16
200503 -1.97 -1.4 2.04 0.21
200504 -2.61 -3.93 0.06 0.21
200505 3.65 2.89 -0.64 0.24
200506 0.57 2.59 2.82 0.23
200507 3.92 2.9 -0.78 0.24
200508 -1.22 -0.98 1.32 0.3
200509 0.49 -0.66 0.72 0.29
200510 -2.02 -1.25 0.43 0.27
200511 3.61 1 -1.18 0.31
200512 -0.25 -0.42 0.2 0.32
200601 3.04 5.39 1.08 0.35
200602 -0.3 -0.38 -0.35 0.34
200603 1.46 3.45 0.59 0.37
200604 0.73 -1.42 2.34 0.36
200605 -3.57 -2.96 2.42 0.43
200606 -0.35 -0.39 0.85 0.4
200607 -0.78 -3.98 2.62 0.4
200608 2.03 1.03 -2.06 0.42
200609 1.84 -1.36 0.08 0.41
200610 3.23 1.75 -0.3 0.41
200611 1.71 0.7 0.14 0.42
200612 0.87 -1.15 2.73 0.4
200701 1.4 0.13 -0.69 0.44
200702 -1.96 1.18 -0.13 0.38
200703 0.68 0.16 -0.96 0.43
200704 3.49 -2.15 -1.46 0.44
ble Stock Prices (Y1 variable) Y1 Sto
8.00%
6.00%
4.00%
2.00%

Y1 Stock Returns
0.00%
9/1/2020
-2.00% 12/1/2020 3/1/2021 6/1/202

-4.00%
-6.00%
-8.00%
-10.00%
-12.00%

1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

Date

AEX (X Variable) Y2 Sto

15.00%

10.00%

5.00%
Y2 Stock Returns

0.00%
9/1/2020 12/1/2020 3/1/2021 6/1/2021
-5.00%

-10.00%

-15.00%

-20.00%

2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

Date
Descriptive Statistics

X variable Stock Returns

Mean
Standard Error
Median
Mode
Standard Deviation

0 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

 Sample Variance
Kurtosis
0 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022
Skewness
Range
Minimum
Maximum

Date
 Y1 Stock Returns

20 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

Date

Y2 Stock Returns

0 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

Date

Descriptive Statistics

X Y1 Y2

702.0984 89.9002 99.67661

3.19198 0.281285 0.618811
711.925 90.35348 103.24
652.87 86.11641 105.88
72.50784 6.389578 13.98841
 5257.388 40.82671 195.6756
-0.360667 0.177904 1.098384
-0.522015 -0.674644 -1.282939
293.69 29.66937 59.79175
533.88 72.83141 58.8059
827.57 102.5008 118.5976
Variable X Y1 Y2 Correlation Analysis
552.22 73.96 68.47 Variable X Y1
561.27 75.33 70.98 Variable X 1
549.60 76.26 70.40 Y1 0.71 1
540.27 74.82 68.94 Y2 0.89 0.78
547.14 74.51 72.69
540.79 74.39 69.80
552.05 75.03 68.37 Covariance Analysis
550.50 75.54 68.22 Variable X Y1
552.01 75.48 67.81 Variable X 5247.20
552.44 75.81 70.23 Y1 330.23 40.75
555.95 76.01 68.42 Y2 901.56 69.67
558.43 75.74 69.74
552.48 76.38 70.06
550.85 77.10 67.77
536.01 74.20 63.10
540.78 73.77 61.62
545.68 73.79 60.85
541.11 73.26 58.81
540.91 72.83 59.10
551.67 75.29 61.52
548.92 74.59 61.58
547.70 73.96 61.24
550.54 73.69 63.92
553.12 74.12 63.69
557.92 74.55 64.91
555.38 75.07 66.86
554.60 77.71 65.78
559.94 79.38 65.93
567.17 78.87 65.90
572.31 79.26 64.99
572.47 78.74 62.72
571.98 77.72 61.22
560.47 76.16 60.84
568.18 76.98 63.37
565.25 76.85 65.07
564.00 77.30 65.96
557.40 76.18 63.09
554.20 77.47 63.53
554.34 79.11 67.04
545.95 78.86 64.83
545.65 78.02 62.99
534.09 75.54 60.80
534.43 74.62 60.58
533.88 74.27 61.66
543.91 74.72 62.19
554.48 75.79 65.34
565.26 77.26 67.68
571.60 80.24 69.38
572.90 79.19 68.89
593.93 88.00 81.56
591.87 90.79 86.66
599.21 88.88 85.74
600.05 88.25 83.43
596.87 88.13 84.40
601.67 90.42 88.73
600.94 89.97 88.82
600.88 89.67 88.67
596.01 87.92 88.14
601.62 86.85 87.35
601.37 87.16 88.95
607.46 87.61 92.08
606.39 86.71 90.31
607.39 86.22 88.60
611.67 86.98 88.80
606.02 86.28 86.56
611.41 87.28 88.16
610.94 87.84 90.11
610.48 87.63 93.36
615.67 88.86 94.90
616.20 88.72 93.81
616.59 87.69 93.42
619.72 88.35 92.22
618.10 89.52 92.37
614.46 88.64 90.90
612.88 89.66 90.65
617.34 87.45 89.98
621.86 87.39 89.45
624.75 87.37 89.04
625.25 87.10 87.96
609.39 85.46 85.34
617.50 86.09 86.60
622.42 86.44 90.58
626.37 87.39 90.63
627.59 86.75 91.80
629.14 88.84 90.03
628.06 88.91 88.55
624.61 88.91 88.60
631.03 88.70 88.86
633.62 88.00 88.34
639.16 88.23 88.89
637.41 89.38 88.41
645.60 90.65 88.69
642.42 89.38 87.81
643.58 87.24 91.93
644.38 86.98 91.19
656.66 88.08 89.85
651.73 87.30 89.97
650.30 87.28 91.09
651.28 87.00 88.19
659.30 87.18 87.54
663.88 86.61 83.64
660.53 85.85 84.13
658.24 84.90 83.11
658.54 85.42 83.91
647.92 84.37 82.03
649.00 85.64 82.01
637.11 83.77 87.37
647.34 84.90 88.55
652.87 87.34 91.83
654.89 87.12 92.06
654.38 88.29 92.47
653.24 88.45 91.10
656.39 86.40 90.41
657.07 86.79 89.89
657.23 82.36 90.76
664.34 84.26 92.36
676.83 83.87 92.40
685.18 84.37 92.58
687.43 83.73 89.98
681.04 83.71 90.42
672.81 84.43 94.36
678.48 84.18 97.48
671.75 83.49 101.23
664.06 83.34 97.50
664.54 83.65 94.50
664.48 82.09 99.28
651.26 79.63 97.62
664.58 80.82 98.98
663.26 79.69 98.94
663.35 79.54 93.99
657.67 83.75 99.08
653.87 85.00 98.90
665.65 86.65 97.64
675.10 87.69 97.78
678.03 88.86 98.51
683.71 87.82 98.64
677.41 88.39 100.26
678.80 89.09 99.69
683.65 88.62 99.69
680.71 88.62 95.88
682.39 87.86 95.79
681.70 87.74 94.04
684.21 86.81 94.78
681.74 86.63 95.10
686.13 85.70 96.36
685.33 84.66 95.98
696.62 85.27 96.32
697.94 86.24 95.06
701.12 86.36 98.96
699.85 85.41 99.06
708.43 86.13 99.14
713.28 88.19 99.41
710.08 88.12 99.77
713.38 88.70 98.47
713.36 89.44 97.01
707.35 88.80 98.88
708.60 88.37 101.44
712.55 88.35 101.94
713.80 90.05 101.31
716.80 90.01 96.60
711.94 90.59 96.29
700.19 89.75 98.24
709.36 94.10 97.01
712.94 95.52 99.89
715.77 94.35 98.41
715.46 94.02 97.88
712.22 94.02 98.56
711.84 94.51 98.47
710.47 95.61 98.44
707.56 94.69 95.16
712.13 95.88 95.33
696.98 95.26 95.35
714.14 95.81 96.94
712.46 97.83 96.96
718.41 97.63 94.25
711.91 97.69 95.21
695.94 95.90 94.61
694.76 96.77 98.05
694.22 96.71 95.48
703.33 97.12 95.76
703.22 96.93 93.75
705.01 97.06 95.09
693.72 97.02 96.24
704.09 97.51 95.81
706.96 97.36 96.25
710.46 97.00 104.99
712.25 96.16 106.43
711.17 96.81 105.07
708.36 95.90 107.14
713.28 96.36 109.09
709.36 95.85 108.29
715.94 96.10 108.33
718.93 96.47 109.73
717.08 95.37 108.86
720.18 95.79 109.11
718.61 96.51 109.02
719.43 96.96 110.65
722.71 96.91 110.77
725.45 96.24 111.42
728.48 96.16 112.41
730.10 96.43 112.92
730.98 96.40 111.12
733.50 97.73 111.30
734.89 98.03 111.07
719.63 96.96 109.65
723.77 97.97 110.26
728.59 99.56 108.62
725.05 99.61 105.68
732.70 101.57 104.70
733.14 101.23 106.87
730.86 101.28 108.29
734.19 100.88 110.57
729.52 100.34 111.52
731.33 100.83 109.29
733.55 100.24 108.34
733.99 99.85 107.48
731.48 99.16 111.26
737.64 99.75 110.73
723.11 98.53 109.63
732.15 97.34 109.53
738.44 99.85 108.92
742.86 100.69 109.17
744.95 99.31 102.29
739.42 99.75 104.58
736.52 100.10 109.05
721.09 95.69 107.97
722.03 96.10 110.14
733.74 96.51 110.63
739.03 97.53 110.79
749.42 98.18 113.55
745.10 97.89 114.36
737.24 97.57 114.08
747.66 98.58 115.27
758.08 98.43 113.37
754.31 96.42 112.92
758.22 97.00 114.91
760.08 96.22 115.25
766.24 94.82 113.12
768.23 93.66 113.47
767.82 92.56 113.96
771.80 92.97 113.61
775.12 92.93 113.87
775.84 92.12 113.00
775.24 91.57 111.82
774.83 92.67 111.99
769.78 93.07 108.58
770.79 93.09 108.90
771.48 93.60 110.12
765.83 91.55 111.68
771.41 90.09 114.10
780.28 92.14 113.25
783.15 91.85 113.39
781.93 91.14 113.06
780.31 90.84 113.92
787.04 91.20 116.25
789.14 91.26 115.05
787.62 91.28 112.84
790.00 92.44 114.16
793.32 91.89 112.47
789.55 90.39 112.11
798.55 90.63 113.63
794.73 89.48 112.72
789.00 89.31 113.37
787.17 88.18 111.24
788.49 87.91 110.67
791.45 88.74 113.37
797.71 88.40 111.83
794.19 87.73 110.40
798.15 88.22 111.74
789.49 89.03 114.32
778.28 88.85 115.07
786.31 89.39 113.77
792.40 90.11 115.90
800.61 89.80 111.78
791.45 88.93 115.50
788.67 89.01 113.29
773.71 88.14 114.99
775.84 88.44 112.09
771.94 88.81 113.33
766.69 88.83 111.89
757.20 89.88 112.58
771.19 88.99 111.72
761.22 88.11 112.29
777.18 90.07 111.52
772.05 89.60 110.38
773.79 88.70 111.66
771.47 88.52 113.27
777.52 90.25 111.76
790.84 90.39 110.57
800.41 90.35 110.47
796.74 89.64 109.80
802.49 89.35 108.19
805.47 90.65 106.49
807.64 90.45 108.38
812.97 91.18 108.29
813.02 90.67 110.38
816.91 92.56 109.00
815.29 91.97 108.17
812.23 94.80 108.62
810.91 94.35 106.45
811.74 94.94 107.34
812.29 95.18 112.29
816.01 94.98 113.96
820.38 94.92 114.69
819.72 95.90 114.58
817.59 94.58 112.92
815.17 94.66 110.65
814.63 95.08 112.52
816.35 95.86 113.43
820.30 95.82 112.88
823.21 96.85 111.74
826.50 96.00 107.93
827.57 94.05 107.32
825.06 94.19 108.84
821.80 91.43 109.96
815.34 91.04 110.67
802.24 90.84 97.88
802.96 91.28 98.31
807.55 93.78 97.37
781.63 91.57 100.46
787.01 92.00 99.43
777.39 86.59 97.15
790.70 86.12 101.25
778.80 86.88 101.25
772.22 86.98 105.80
778.43 90.02 103.99
805.78 91.49 104.03
797.72 88.13 101.68
791.91 88.83 101.05
788.01 89.23 98.64
783.00 88.70 101.44
775.75 91.18 102.69
775.46 91.61 100.64
781.59 95.00 105.23
771.70 95.94 109.43
763.03 95.29 110.26
774.95 96.00 110.85
782.08 95.73 111.95
792.30 96.89 110.51
790.48 96.59 110.14
797.30 96.36 114.61
800.95 97.40 117.20
796.12 97.93 118.60
800.25 97.93 116.70
797.93 97.34 116.00
803.31 99.94 116.17
804.28 101.27 116.72
800.75 100.43 116.86
785.90 98.56 115.58
788.43 98.25 115.62
773.13 99.40 115.15
782.35 100.04 114.22
790.44 99.84 113.49
791.33 100.33 113.94
783.53 101.61 111.68
781.32 102.50 105.72
769.70 99.74 106.67
772.56 98.29 112.56
778.26 98.21 112.64
763.70 98.17 109.71
738.66 96.16 110.61
739.86 96.26 113.63
752.43 96.42 111.52
753.79 97.18 109.96
744.26 94.13 108.70
755.20 93.56 111.28
765.22 94.13 114.02
765.56 95.18 115.82
748.81 92.06 116.61
747.17 91.08 116.72
755.69 92.16 114.65
755.79 92.93 116.76
769.94 92.87 116.11
762.65 92.67 114.60
761.50 93.05 113.31
747.89 91.73 110.36
755.22 93.84 112.41
758.92 95.51 112.17
751.20 96.95 107.36
744.89 96.79 114.34
729.73 93.44 113.53
731.96 91.91 102.53
727.91 92.34 108.15
708.55 87.97 103.63
727.85 91.12 95.65
729.72 88.99 92.67
713.46 86.96 92.75
721.00 86.21 101.78
705.42 84.52 98.33
671.73 82.12 101.90
669.04 78.48 103.06
656.74 77.98 101.70
688.33 83.20 105.33
671.85 82.04 105.62
674.80 82.34 104.64
674.30 81.74 103.85
676.38 81.86 106.71
703.52 83.64 105.60
707.45 84.42 105.88
716.36 85.64 106.04
718.37 83.95 106.29
728.27 84.07 112.01
721.81 83.87 109.51
720.85 86.25 108.68
723.90 86.12 109.35
720.36 86.06 108.52
735.15 87.75 103.77
733.88 86.12 102.31
724.20 85.25 100.50
728.00 84.80 101.84
737.80 84.36 102.94
736.02 85.57 103.02
719.67 85.45 102.78
716.53 85.58 104.50
724.75 87.91 104.24
714.74 87.34 105.88
716.38 87.24 105.88
718.07 86.33 105.88
719.70 88.64 103.16
716.57 87.97 103.16
725.61 92.50 103.16
729.05 93.36 103.28
717.26 93.64 105.50
699.17 93.98 103.96
695.57 94.41 106.44
696.35 93.02 102.68
705.93 92.68 108.96
710.98 92.90 108.96
694.44 91.15 108.96
705.95 92.09 104.80
698.68 91.41 104.80
696.19 92.45 104.44
682.19 89.52 104.44
666.17 89.70 105.82
669.74 91.55 108.28
682.70 92.92 107.94
675.09 92.58 107.94
694.13 94.10 106.86
694.62 94.63 107.22
702.58 93.60 102.74
693.03 93.08 102.74
678.35 88.45 109.14
682.96 88.94 109.14
694.02 90.12 109.14
679.88 88.67 108.74
684.11 90.69 108.26
692.80 91.27 108.26
702.28 92.19 108.26
708.34 92.84 111.32
712.88 93.32 110.30
701.19 91.13 108.24
703.44 91.29 105.36
700.69 91.75 101.94
711.82 92.53 97.58
709.14 92.05 96.38
710.99 91.05 96.67
699.58 91.05 93.12
681.97 90.85 94.12
661.54 90.36 97.04
652.87 88.53 96.06
663.21 90.00 93.02
638.34 87.05 90.87
635.75 88.21 92.67
641.43 86.48 93.41
648.03 84.87 94.95
641.87 86.56 92.15
635.93 87.53 92.44
660.32 88.57 95.21
670.53 88.75 93.44
669.01 89.22 89.31
666.57 88.90 92.70
659.23 86.54 94.77
655.68 88.03 96.00
659.61 87.33 96.62
644.22 86.80 96.62
656.71 90.46 101.26
671.42 90.38 99.39
674.22 92.53 103.78
669.17 92.82 104.34
670.68 93.60 105.88
665.91 92.64 104.70
659.71 92.51 104.74
671.92 92.88 105.58
681.10 92.53 105.66
689.47 93.68 104.94
694.41 91.93 106.06
704.61 93.22 102.96
705.04 94.57 104.98
707.01 94.71 102.48
706.26 95.09 102.78
713.53 96.07 104.12
722.38 95.23 104.12
729.44 95.59 104.76
728.18 95.25 106.12
725.75 93.46 106.44
734.53 94.90 107.58
731.58 93.94 107.66
722.74 93.40 108.40
727.87 94.60 108.82
716.93 93.76 110.66
724.27 93.78 108.12
725.79 93.80 108.30
725.76 94.50 106.20
728.88 95.02 103.10
728.11 95.12 102.88
723.09 95.88 103.24
725.86 95.62 103.80
719.52 96.08 101.86
711.04 94.68 100.28
710.87 94.06 100.60
713.81 94.66 97.87
718.25 91.52
705.08 91.56
698.33 90.74
690.31 90.00
680.31 89.74
nalysis
Y2 Scatter Plot (Y1 aganist X)
120.00

1 100.00

80.00

nalysis Y1
60.00
Y2
40.00

20.00
195.29
0.00
500.00 550.00 600.00 650.00 700.00 750.00 800.00 850
Variable X

Scatter Plot (Y2 aganist X)

140.00

120.00

100.00

80.00
Y2

60.00

40.00

20.00

0.00
500.00 550.00 600.00 650.00 700.00 750.00 800.00 850
Variable X
750.00 800.00 850.00

750.00 800.00 850.00

 Descriptive Statistics

X Y1 Y2

Mean 702.10 89.90 99.68

Standard Error 3.19 0.28 0.62
Median 711.92 90.35 103.24
Mode 652.87 86.12 105.88
Standard Deviation 72.51 6.39 13.99
Sample Variance 5257.39 40.83 195.68
Kurtosis -0.36 0.18 1.10
Skewness -0.52 -0.67 -1.28
Range 293.69 29.67 59.79
Minimum 533.88 72.83 58.81
Maximum 827.57 102.50 118.60

Y1 Stock Returns
8.00%
6.00%
4.00%
2.00%
Y1 Stock Returns

0.00%
9/1/2020
-2.00% 12/1/2020 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022

-4.00%
-6.00%
-8.00%
-10.00%
-12.00%
Date

X variable Stock Returns

6.00%

4.00%
X variable Stock Returns

2.00%

0.00%
9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022
-2.00%

-4.00%

-6.00%
Date
 0.00%

X variable S
9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022
-2.00%

-4.00%

-6.00%
Date
 X = AEX index Descriptive Statistics
Y1 = Adjusted Close of Heineken Stock
Y2 = Adjusted Close of Air Bus Stock X variable Stock Returns

Mean -0.03%
Standard Error 0.05%
Median -0.11%
Standard Deviation 1.14%
Sample Variance 0.01%
Kurtosis 169.69%
Skewness 28.16%
Range 9.60%
Minimum -4.59%
Maximum 5.02%

Y2 Stock Returns
15.00%

10.00%

5.00%
Y2 Stock Returns

0.00%
2 6/1/2022 9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022
-5.00%

-10.00%

-15.00%

-20.00%
Date

2 6/1/2022
2 6/1/2022
criptive Statistics

Y1 Stock Returns Y2 Stock Returns

-0.03% -0.04%
0.07% 0.11%
0.00% -0.02%
1.52% 2.42%
0.02% 0.06%
530.89% 581.73%
-35.27% -21.96%
16.27% 28.60%
-10.01% -15.53%
6.25% 13.06%

12/1/2021 3/1/2022 6/1/2022