#Three monthly series for the period 1954:1 to 1985:12. #The first series is the commercial paper rate, expressed by the annual #percentage rate, e.g. 8.36. #The second series is the monthly return on the S&P 500 index. #The third series is the return, before transaction costs, to an #investment strategy based on the commercial paper rate. 2.1100 2.1600 2.3100 2.3100 2.2600 2.1900 2.2200 2.2500 2.3000 2.3800 2.3800 2.3800 2.3500 2.3100 2.3100 2.3100 2.3100 2.3100 2.3100 2.3100 2.3100 2.3100 2.3100 2.3600 2.4400 2.6700 2.7500 2.7500 2.7500 2.7400 2.5500 2.3100 2.2500 2.1100 2.0000 2.0000 1.7600 1.5800 1.5600 1.4500 1.3300 1.3100 1.3100 1.3100 1.3100 1.4700 1.6800 1.6900 1.9000 2.0000 2.0000 2.1100 2.3300 2.5400 2.7000 2.8100 2.9900 3.0000 3.0000 3.0000 3.1400 3.2700 3.3800 3.2700 3.2800 3.5000 3.6300 3.6300 3.6300 3.6300 3.6300 3.6300 3.6300 3.6300 3.7900 3.8800 3.9800 4.0000 4.1000 4.0700 3.8100 3.4900 2.6300 2.3300 1.9000 1.7100 1.5400 1.5000 1.9600 2.9300 3.2300 3.0800 3.3300 3.3000 3.2600 3.3500 3.4200 3.5600 3.8300 3.9800 3.9700 4.6300 4.7300 4.6700 4.8800 4.9100 4.6600 4.4900 4.1600 4.2500 3.8100 3.3900 3.3400 3.3900 3.3000 3.2800 3.2300 2.9800 3.0300 3.0300 2.9100 2.7600 2.9100 2.7200 2.9200 3.0500 3.0000 2.9800 3.1900 3.2600 3.2200 3.2500 3.2000 3.1600 3.2500 3.3600 3.3000 3.3400 3.2700 3.2300 3.2900 3.3400 3.2500 3.3400 3.3200 3.2500 3.3800 3.4900 3.7200 3.8800 3.8800 3.8800 3.9600 3.9700 3.8800 4.0000 3.9100 3.8900 4.0000 3.9600 3.8800 3.8900 4.0000 4.0200 4.1700 4.2500 4.2700 4.3800 4.3800 4.3800 4.3800 4.3800 4.3800 4.3800 4.3800 4.3800 4.6500 4.8200 4.8800 5.2100 5.3800 5.3900 5.5100 5.6300 5.8500 5.8900 6.0000 6.0000 6.0000 5.7300 5.3800 5.2400 4.8300 4.6700 4.6500 4.9200 5.0000 5.0000 5.0700 5.2800 5.5600 5.6000 5.5000 5.6400 5.8100 6.1800 6.2500 6.1900 5.8800 5.8200 5.8000 5.9200 6.1700 6.5300 6.6200 6.8200 7.0400 7.3500 8.2300 8.6500 8.3300 8.4800 8.5600 8.4600 8.8400 8.7800 8.5500 8.3300 8.0600 8.2300 8.2100 8.2900 7.9000 7.3200 6.8500 6.3000 5.7300 5.1100 4.4700 4.1900 4.5700 5.1000 5.4500 5.7500 5.7300 5.7500 5.5400 4.9200 4.7300 4.0800 3.9400 4.1500 4.5800 4.5100 4.6400 4.8500 4.8100 5.1400 5.3000 5.2500 5.4500 5.7800 6.2200 6.8500 7.1400 7.2700 7.9900 9.1800 10.2100 10.2300 8.9200 8.9400 9.0800 8.6600 7.8300 8.4200 9.7900 10.6200 10.9600 11.7200 11.6500 11.2300 9.3600 8.8100 8.9800 7.3000 6.3300 6.0600 6.1500 5.8200 5.7900 6.4400 6.7000 6.8600 6.4800 5.9100 5.9700 5.2700 5.2300 5.3700 5.2300 5.5400 5.9400 5.6700 5.4700 5.4500 5.2200 5.0500 4.7000 4.7400 4.8200 4.8700 4.8700 5.3500 5.4900 5.4100 5.8400 6.1700 6.5500 6.5900 6.6400 6.7900 6.8000 6.8000 6.8600 7.1100 7.6300 7.9100 7.9000 8.4400 9.0300 10.2300 10.4300 10.3200 10.0100 9.9600 9.8700 9.9800 9.7100 9.8200 10.3900 11.6000 13.2300 13.2600 12.8000 12.6600 13.6000 16.5000 14.9300 9.2900 8.0300 8.2900 9.6100 11.0400 12.3200 14.7300 16.4900 15.1000 14.8700 13.5900 14.1700 16.6600 15.2200 16.0900 16.6200 15.9300 14.7200 11.9600 12.1400 13.3500 14.2700 13.4700 13.6400 13.0200 13.7900 13.0000 10.8000 10.8600 9.2100 8.7200 8.5000 8.1500 8.3900 8.4800 8.4800 8.3100 9.0300 9.3600 9.6800 9.2800 8.9800 9.0900 9.5000 9.1800 9.3100 9.8600 10.2200 10.8700 11.2300 11.3400 11.1600 10.9400 10.1600 9.0600 8.5500 8.1500 8.6900 9.2300 8.4700 7.8800 7.3800 7.5700 7.7400 7.8600 7.7900 7.6900 7.6200 0.0496 -0.0304 -0.0231 0.0687 0.0467 0.0013 -0.0104 0.0096 0.0415 0.0179 -0.0286 0.0491 -0.0410 0.0337 0.0478 0.0194 -0.0071 -0.0178 0.0020 0.0555 0.0375 -0.0049 -0.0107 -0.0214 -0.0240 0.0077 -0.0135 0.0269 -0.0514 0.0034 0.0526 0.0202 0.0052 0.0522 0.0110 0.0320 0.0503 0.0409 0.0031 0.0572 -0.0279 0.0817 -0.0168 0.0870 0.0520 0.0195 0.0098 -0.0030 0.0388 0.0055 0.0808 0.0603 -0.0025 0.0129 -0.0288 0.0795 0.0015 -0.0353 0.0405 0.0686 -0.0004 -0.0611 0.0401 0.0516 -0.0333 -0.0450 0.0066 -0.0050 0.0363 -0.0409 -0.0268 0.0213 0.0381 0.0428 0.0004 0.0130 -0.0518 -0.0621 -0.0307 0.0228 -0.0403 0.0435 -0.0142 0.0323 0.0331 0.0210 0.0275 0.0439 0.0174 0.0489 0.0266 0.0280 0.0521 0.0053 0.0049 0.0020 0.0394 0.0237 -0.0022 0.0357 -0.0103 -0.0453 0.0127 0.0184 0.0288 -0.0726 0.0146 -0.0124 -0.0162 0.0321 0.0209 -0.0237 0.0312 -0.0608 -0.0007 0.0455 0.0468 0.0625 0.0314 0.0266 0.0051 0.0236 -0.0279 0.0336 0.0240 -0.0186 0.0294 0.0437 0.0046 -0.0373 0.0207 -0.0046 -0.0626 -0.0846 -0.0837 0.0632 0.0206 -0.0476 0.0064 0.1031 0.0152 0.0494 -0.0242 0.0363 0.0488 0.0191 -0.0190 -0.0022 0.0521 -0.0097 0.0333 -0.0046 0.0259 0.0279 0.0146 0.0164 0.0075 0.0161 0.0176 0.0193 -0.0119 0.0297 0.0096 0.0005 0.0056 0.0339 0.0031 -0.0134 0.0350 -0.0030 -0.0485 0.0146 0.0268 0.0329 0.0285 -0.0031 0.0105 0.0062 -0.0132 -0.0207 0.0218 -0.0505 -0.0147 -0.0121 -0.0753 -0.0053 0.0482 0.0095 0.0002 0.0768 0.0072 0.0401 0.0428 -0.0489 0.0188 0.0457 -0.0070 0.0336 -0.0280 0.0065 0.0274 -0.0434 -0.0264 0.0109 0.0801 0.0160 0.0104 -0.0173 0.0163 0.0392 0.0087 0.0517 -0.0410 -0.0068 -0.0435 0.0353 0.0226 0.0026 -0.0557 -0.0605 0.0444 -0.0239 0.0449 -0.0301 -0.0179 -0.0772 0.0569 0.0030 -0.0931 -0.0563 -0.0494 0.0725 0.0496 0.0341 -0.0097 0.0522 0.0568 0.0410 0.0140 0.0375 0.0370 -0.0374 0.0021 -0.0407 0.0404 -0.0056 -0.0412 0.0027 0.0841 0.0192 0.0295 0.0072 0.0057 0.0217 -0.0207 0.0036 0.0384 -0.0036 0.0106 0.0493 0.0130 -0.0160 -0.0339 -0.0002 -0.0403 -0.0140 -0.0051 0.0386 -0.0323 0.0407 0.0003 -0.1145 0.0181 -0.0085 0.0019 -0.0219 -0.0380 -0.0276 -0.0129 -0.0789 -0.0864 -0.1244 0.1533 -0.0458 -0.0179 0.1179 0.0652 0.0234 0.0481 0.0496 0.0452 -0.0682 -0.0145 -0.0333 0.0618 0.0308 -0.0096 0.1132 -0.0058 0.0321 -0.0099 -0.0073 0.0418 -0.0068 0.0014 0.0244 -0.0208 -0.0009 0.0526 -0.0501 -0.0152 -0.0120 0.0014 -0.0151 0.0464 -0.0152 -0.0134 0.0000 -0.0424 0.0363 0.0048 -0.0614 -0.0162 0.0272 0.0834 0.0135 -0.0153 0.0545 0.0334 -0.0048 -0.0933 0.0257 0.0171 0.0412 -0.0288 0.0559 0.0036 -0.0169 0.0402 0.0109 0.0593 0.0025 -0.0679 0.0501 0.0190 0.0592 0.0031 -0.1039 0.0420 0.0547 0.0292 0.0654 0.0130 0.0277 0.0185 0.1039 -0.0320 -0.0448 0.0206 0.0373 -0.0215 0.0062 -0.0080 0.0007 -0.0570 -0.0515 0.0515 0.0432 -0.0269 -0.0164 -0.0526 -0.0060 0.0406 -0.0292 -0.0176 -0.0217 0.1193 0.0109 0.1067 0.0429 0.0172 0.0342 0.0257 0.0358 0.0731 -0.0052 0.0375 -0.0318 0.0169 0.0135 -0.0135 0.0230 -0.0061 -0.0065 -0.0333 0.0170 0.0069 -0.0549 0.0219 -0.0144 0.1066 0.0002 0.0026 -0.0102 0.0250 0.0740 0.0136 0.0018 -0.0032 0.0597 0.0158 -0.0026 -0.0061 -0.0326 0.0437 0.0692 0.0456 0.0013 0.0012 0.0012 0.0013 0.0013 0.0012 0.0016 0.0011 0.0012 0.0015 0.0012 0.0011 0.0012 0.0013 0.0015 0.0194 -0.0071 0.0016 0.0014 0.0010 0.0016 0.0016 -0.0107 -0.0214 -0.0240 0.0017 0.0018 0.0015 0.0017 0.0016 0.0013 0.0008 0.0052 0.0522 0.0110 0.0320 0.0503 0.0409 0.0031 0.0572 -0.0279 0.0817 -0.0168 0.0870 0.0520 0.0195 0.0098 -0.0030 0.0388 0.0014 0.0010 0.0010 0.0016 0.0016 0.0018 0.0017 0.0018 0.0022 0.0019 0.0015 0.0019 0.0023 0.0020 0.0022 0.0017 0.0018 0.0025 0.0020 0.0024 0.0027 0.0024 0.0023 0.0025 0.0026 0.0024 0.0030 0.0025 0.0026 0.0029 0.0028 0.0024 0.0028 -0.0142 0.0323 0.0331 0.0210 0.0275 0.0439 0.0174 0.0489 0.0266 0.0280 0.0521 0.0053 0.0049 0.0022 0.0020 0.0022 0.0024 0.0025 0.0019 0.0031 0.0030 0.0026 0.0034 0.0033 0.0029 0.0035 0.0019 0.0027 0.0024 -0.0237 0.0312 -0.0608 -0.0007 0.0455 0.0468 0.0625 0.0314 0.0266 0.0051 0.0236 -0.0279 0.0336 0.0240 -0.0186 0.0294 0.0437 0.0046 -0.0373 0.0020 0.0020 0.0022 0.0024 0.0020 0.0027 0.0023 0.0021 0.0025 0.0020 0.0023 0.0025 0.0023 0.0023 0.0025 0.0024 0.0023 0.0027 0.0025 0.0027 0.0029 0.0027 0.0029 0.0030 0.0026 0.0031 0.0029 0.0026 0.0030 0.0030 0.0028 0.0028 0.0029 0.0029 0.0031 0.0028 0.0030 0.0036 0.0031 0.0031 0.0035 0.0031 0.0033 0.0031 0.0031 0.0035 0.0033 0.0038 0.0035 0.0038 0.0034 0.0041 0.0038 0.0035 0.0041 0.0040 0.0045 0.0040 0.0040 0.0043 0.0036 0.0039 0.0032 -0.0489 0.0188 0.0457 -0.0070 0.0336 -0.0280 0.0065 0.0274 -0.0434 -0.0264 0.0038 0.0043 0.0045 0.0043 0.0048 0.0042 0.0043 0.0044 0.0042 0.0043 0.0053 0.0046 0.0046 0.0053 0.0048 0.0051 0.0053 0.0050 0.0062 0.0060 0.0052 0.0064 0.0060 0.0062 0.0057 0.0050 0.0053 0.0058 0.0725 0.0496 0.0341 -0.0097 0.0522 0.0568 0.0410 0.0140 0.0375 0.0370 -0.0374 0.0021 -0.0407 0.0404 -0.0056 -0.0412 0.0027 0.0841 0.0192 0.0295 0.0072 0.0057 0.0030 -0.0207 0.0036 0.0384 -0.0036 0.0106 0.0493 0.0037 0.0044 0.0041 0.0046 0.0052 0.0051 0.0051 0.0064 0.0070 0.0068 0.0065 0.0056 0.0064 0.0063 0.0058 0.0056 0.0075 0.0075 0.0060 0.0070 0.0060 0.0081 0.0051 0.0054 -0.0179 0.1179 0.0652 0.0234 0.0481 0.0496 0.0452 -0.0682 -0.0145 -0.0333 0.0618 0.0308 -0.0096 0.1132 -0.0058 0.0321 -0.0099 -0.0073 0.0418 0.0047 0.0014 0.0244 -0.0208 -0.0009 0.0526 -0.0501 -0.0152 -0.0120 0.0014 -0.0151 0.0464 -0.0152 -0.0134 0.0043 0.0049 0.0050 0.0049 0.0049 0.0046 0.0053 0.0054 0.0051 0.0054 0.0056 0.0056 0.0062 0.0068 0.0070 0.0078 0.0077 0.0073 0.0081 0.0080 0.0082 0.0081 0.0077 0.0077 0.0083 0.0087 0.0099 0.0095 0.0080 0.0089 0.0120 0.0125 0.0081 0.0292 0.0654 0.0130 0.0277 0.0185 0.1039 0.0130 0.0103 0.0106 0.0120 -0.0215 0.0062 0.0134 0.0123 0.0127 0.0123 0.0120 0.0106 -0.0269 -0.0164 -0.0526 -0.0060 0.0406 -0.0292 -0.0176 -0.0217 0.1193 0.0109 0.1067 0.0429 0.0172 0.0342 0.0257 0.0358 0.0731 -0.0052 0.0375 -0.0318 0.0169 0.0135 -0.0135 0.0230 0.0073 0.0076 0.0071 0.0073 0.0081 0.0078 0.0075 0.0082 0.0083 0.0086 0.0100 0.0073 0.0250 0.0740 0.0136 0.0018 -0.0032 0.0597 0.0158 -0.0026 -0.0061 -0.0326 0.0437 0.0692 0.0456