mic Benchmark excess returns for the period 17-08-2001 to 25.08.2006. For each IEF, the following regression is run: R pr -R h =a, + Rid+ p, Here RpeRft is the excess return of fund p at time t over the return on a US 3month T-bill,µ is the error term at time t, R„„- Rft is the excess return of the m