Pfizer Inc.is the world's largest research-based pharmaceutical company.Monthly data for Pfizer's risk-adjusted return and the risk-adjusted market return are collected for a five-year period (n = 60).The accompanying table shows the regression results when estimating the CAPM model for Pfizer's return. 
a.At the 5% significance level,is the beta coefficient less than one? Show the relevant steps of the appropriate hypothesis test.
b.At the 5% significance level,are there abnormal returns? Show the relevant steps of the appropriate hypothesis test.
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