An analyst is estimating whether a fund’s excess returnfor a month is dependent on interest rates and whether the S&P 500 hasincreased or decreased during the month. The analyst collects 90 monthly returnpremia (the return on the fund minus the return on the S&P 500 benchmark),90 monthly interest rates, and 90 monthly S&P 500 index returns from July1999 to December 2006. After estimating the regression equation, the analystfinds that the correlation between the regressions residuals from one periodand the residuals from the previous period is 0.145. Which of the following is most accurateat a 0.05 level of significance, based solely on the information provided? Theanalyst:
　　A)
　　cannot conclude that the    regression exhibits either serial correlation or heteroskedasticity.
　　B)
　　can conclude that the    regression exhibits serial correlation, but cannot conclude that the    regression exhibits heteroskedasticity.
　　C)
　　can conclude that the    regression exhibits heteroskedasticity, but cannot conclude that the    regression exhibits serial correlation.
　　
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