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.
Definitions:
Refined Sugar
Processed sugar that has been purified and crystallized from raw sugar.
Materials Costs
The cost of raw materials and components that are used in the production of goods or services.
Processing Costs
Expenses related to the operations required to transform raw materials into finished products.
Split-off Point
In process costing, the stage in the manufacturing process where joint products can be physically separated and identified as individual products.
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