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An analyst is estimating whether a fund’s excess return for a quarter is related to interest rates and last quarter’s excess return. The regression equation is found to have unconditional heteroskedasticity and serial correlation. Which of the following is most accurate? Parameter estimates will be: A. accurate but statistical inference about the parameters will not be valid. B. inaccurate but statistical inference about the parameters will be valid. C. inaccurate and statistical inference about the parameters will not be valid. |