ark excess returns for the period 17-08-2001 to 25.08-2006. For each IEF, the following regression is run: Rpr -120 =c + 13 p[R„„ - Rf ]+ ti, Here RarRft is the excess return of fund pat time t over the return on a US 3month pi is the error term at time t, R,,- Rft is the excess return of the market