This file includes 3 excels on Fama-MacBeth
first-stage time-series regression data. The first excel includes portfolios “s1b1”-“s1b5”
and “s2b1”-“s2b5”; the second excel includes portfolios “s3b1”-“s3b5” and “s4b1”-“s4b5”,
and the third one includes the portfolios “s5b1”-“s5b5”