Excessive Return		Unsystematic risk								
Security	Return		Beta	v %								
i	 v%									Ci	C*-selection	
1	15	10	1	50	10	0.2	0.2	0.02	0.02	1.666666667	long	
2	17	12	1.5	40	8	0.45	0.65	0.05625	0.07625	3.687943262	long	
3	12	7	1	20	7	0.35	1	0.05	0.12625	4.419889503	long	
4	17	12	2	10	6	2.4	3.4	0.4	0.52625	5.429141717	long	
5	11	6	1	40	6	0.15	3.55	0.025	0.55125	5.451055662	long	C*
6	11	6	1.5	30	4	0.3	3.85	0.075	0.62625	5.301204819	short	
7	11	6	2	40	3	0.3	4.15	0.1	0.72625	5.02269289	short	
8	7	2	0.8	16	2.5	0.1	4.25	0.04	0.76625	4.906204906	short	
9	7	2	1	20	2	0.1	4.35	0.05	0.81625	4.747612551	short	
10	5.6	0.6	0.6	6	1	0.06	4.41	0.06	0.87625	4.517285531	short	C**
","												
												
												
rf	5			No short sell		Zi	wi					
sigm_M^2	10					0.090978887	0.234769688					
						0.095585413	0.246656761					
						0.077447217	0.199851412					
						0.109788868	0.283308569					
						0.013723608	0.035413571					
												
					sum_Zi	0.387523992	1					
												
						Rp	15.31872214					
						Var_p	symR	unsymR				
							beta_p^2*sigma_M^2	sum_wi^2*sigma_epsilon^2				
						beta_p	1.406636949					
							19.78627506	6.84103665				
						Var_P	26.62731171					
						Sigma_p	5.160165861					
												
				Short allowed								
						Zi	wi					
						0.109654289	6.154509522					
						0.130601793	7.330219188					
						0.124135723	6.967301473					
						0.296542894	16.64390945					
						0.037067862	2.080488681					
						-0.025864277	-1.451670859					
						-0.075864277	-4.257994969					
						-0.100864277	-5.661157025					
						-0.125864277	-7.06431908					
						-0.351728553	-19.74128638					
												
					sum_Zi	0.017816901	1					
												
							1					
						Rp	343.9349623					
						Var_p						
												
						beta_p	25.3539346					
							symR	unsymR				
							6428.219999	12595.00713				
						Var_P	19023.22713					
						Sigma_p	137.9247154					
##### Sheet/List 2 #####
			Unsystematic risk								
Security	Return	Beta	v %								
i	 v%								Ci	select C*	
1	19	1	20	16	0.8	0.8	0.05	0.05	5.333333333	long	
3	11	0.5	10	16	0.4	1.2	0.025	0.075	6.857142857	long	
2	23	1.5	30	13.33333333	1	2.2	0.075	0.15	8.8	long	
6	9	0.5	50	12	0.06	2.26	0.005	0.155	8.862745098	long	
4	25	2	40	11	1.1	3.36	0.1	0.255	9.464788732	long	
5	13	1	20	10	0.5	3.86	0.05	0.305	9.530864198	long	C*
7	14	1.5	30	7.333333333	0.55	4.41	0.075	0.38	9.1875	short	
8	10	1	50	7	0.14	4.55	0.02	0.4	9.1	short	
9	9.5	1	50	6.5	0.13	4.68	0.02	0.42	9	short	
11	11	1.5	30	5.333333333	0.4	5.08	0.075	0.495	8.537815126	short	
10	13	2	20	5	1	6.08	0.2	0.695	7.647798742	short	
12	8	1	20	5	0.25	6.33	0.05	0.745	7.49112426	short	
14	7	1	20	4	0.2	6.53	0.05	0.795	7.296089385	short	
13	10	2	40	3.5	0.35	6.88	0.1	0.895	6.914572864	short	C**
","											
											
			short sell restriction		Zi	wi					
rf	3				0.32345679	0.337411462					
sigma_M^2	10				0.32345679	0.337411462					
					0.190123457	0.198325821					
					0.024691358	0.0257566					
					0.07345679	0.076625885					
					0.02345679	0.02446877					
											
				sum_Zi	0.958641975	1					
											
					Rp	17.14938828					
					beta_p	0.994204765					
					VarP	sysR	unsysR				
					14.75982551	9.884431147	4.875394362				
					Sigma_P	3.841851833					
											
											
			Short Sell allowed								
					Zi	wi					
				1	0.454271357	0.468066378					
				2	0.454271357	0.468066378					
				3	0.320938023	0.330684064					
				4	0.050854271	0.052398581					
				5	0.204271357	0.210474539					
				6	0.154271357	0.158956171					
				7	0.020938023	0.021573856					
				8	0.001708543	0.001760427					
				9	-0.008291457	-0.008543247					
				10	-0.079061977	-0.08146288					
				11	-0.191457286	-0.197271339					
				12	-0.095728643	-0.098635669					
				13	-0.145728643	-0.150154037					
				14	-0.170728643	-0.175913221					
											
				sum_Zi	0.970527638	1					
											
					Rp	22.62616822					
		Ratio			beta_p	0.712455019					
		NO short	4.463833855		VarP	sysR	unsysR				
		Yes short	5.031496872		20.22216313	5.075921534	15.1462416				
					Sigma_P	4.496905951