(1) Calculate HLL's equity beta using weekly

closing share price for HLL and Sensex from 10 Jan-92

to 26 Dec.-97. (2) Calculate HLLs beta based on
weekly share prices for two periods, 10 Jan-92 to 24
Dec-94 and 24 Dec-94 to 26 Dec-97.
(3) Do you obtain
different estimates of beta for these two perids? What
are the possible reasons for the difference?
(4) What do you
understand by beta instability?

You may use "Regression" in Excel to

calculate beta. Go to Tools>Data
analysis>Regression
Hindustan Lever Limited: Share Price Data
Share Price
Week Week Opening High Low Closing Sensex
10-Jan-92 1 173.75 173.75 162.50 165.00 1972.53
17-Jan-92 2 165.00 168.75 161.25 167.50 2115.89
24-Jan-92 3 165.00 190.00 165.00 185.00 2139.33
31-Jan-92 4 200.00 245.00 187.50 235.00 2302.54
7-Feb-92 5 225.00 230.00 210.00 210.00 2194.48
14-Feb-92 6 208.75 237.50 207.50 230.00 2322.79
21-Feb-92 7 232.50 250.00 230.00 240.00 2454.66
28-Feb-92 8 242.50 325.00 242.50 317.50 2759.22
6-Mar-92 9 415.00 440.00 415.00 430.00 3472.78
13-Mar-92 10 437.50 437.50 340.00 370.00 3259.36
20-Mar-92 11 370.00 385.00 350.00 352.50 3243.53
27-Mar-92 12 425.00 430.00 400.00 406.25 3791.18
3-Apr-92 13 420.00 500.00 400.00 415.00 4238.25
10-Apr-92 14 430.00 430.00 390.00 410.00 4306.43
17-Apr-92 15 410.00 410.00 385.00 390.00 4163.02
24-Apr-92 16 400.00 420.00 400.00 405.00 4467.32
1-May-92 17 375.00 390.00 360.00 375.00 3887.72
8-May-92 18 370.00 380.00 320.00 375.00 3658.00
15-May-92 19 375.00 375.00 300.00 350.00 3394.48
22-May-92 20 355.00 365.00 345.00 355.00 3435.07
29-May-92 21 345.00 350.00 285.00 312.50 3006.08
5-Jun-92 22 310.00 336.25 305.00 330.00 3086.74
12-Jun-92 23 325.00 332.50 325.00 330.00 3140.80
17-Jul-92 24 315.00 320.00 300.00 312.50 3080.54
24-Jul-92 25 305.00 322.50 297.50 300.00 2806.31
31-Jul-92 26 300.00 315.00 295.00 310.00 2678.34
7-Aug-92 27 310.00 312.50 302.50 305.00 2727.06
14-Aug-92 28 305.00 335.00 305.00 332.50 2590.68
21-Aug-92 29 325.00 352.50 325.00 342.50 2795.18
28-Aug-92 30 340.00 345.00 322.50 340.00 3034.94
4-Sep-92 31 347.50 355.00 337.50 342.50 3031.63
11-Sep-92 32 340.00 350.00 335.00 342.50 3166.10
18-Sep-92 33 345.00 380.00 337.50 370.00 3219.92
25-Sep-92 34 367.50 367.50 345.00 350.00 3383.62
2-Oct-92 35 352.50 352.50 335.00 342.50 3256.59
9-Oct-92 36 340.00 357.50 325.00 352.50 3315.70
16-Oct-92 37 350.00 352.50 335.00 348.75 3275.57
23-Oct-92 38 345.00 350.00 340.00 348.75 3086.45
30-Oct-92 39 345.00 352.50 332.50 342.50 2987.29
6-Nov-92 40 340.00 352.50 340.00 347.50 2833.34
13-Nov-92 41 347.50 350.00 330.00 337.50 2756.19
20-Nov-92 42 340.00 341.25 330.00 340.00 2586.68
27-Nov-92 43 335.00 343.75 335.00 340.00 2479.56
4-Dec-92 44 340.00 395.00 340.00 382.50 2486.41
11-Dec-92 45 370.00 375.00 355.00 357.50 2696.86
18-Dec-92 46 357.50 362.50 337.50 352.50 2535.87
25-Dec-92 47 350.00 375.00 350.00 370.00 2476.89
8-Jan-93 48 367.50 370.00 342.50 350.00 2615.37
15-Jan-93 49 352.50 372.50 352.50 370.00 2420.67
22-Jan-93 50 370.00 377.50 357.50 362.50 2525.54
29-Jan-93 51 361.25 407.50 361.25 400.00 2542.39
5-Feb-93 52 400.00 400.00 380.00 385.00 2680.79
12-Feb-93 53 385.00 397.50 375.00 380.00 2648.89
19-Feb-93 54 375.00 375.00 362.50 367.50 2745.48
26-Feb-93 55 370.00 395.00 365.00 387.50 2671.37
5-Mar-93 56 385.00 415.00 350.00 366.25 2813.15
12-Mar-93 57 357.50 370.00 350.00 370.00 2471.74
19-Mar-93 58 380.00 392.50 375.00 380.00 2330.09
26-Mar-93 59 380.00 381.25 375.00 377.50 2376.76
2-Apr-93 60 370.00 375.00 355.00 370.00 2341.42
9-Apr-93 61 373.75 377.50 370.00 375.00 2311.44
16-Apr-93 62 371.25 376.25 360.00 375.00 2310.91
23-Apr-93 63 372.50 377.50 365.00 375.00 2299.78
30-Apr-93 64 370.00 373.75 340.00 360.00 2100.67
7-May-93 65 355.00 392.50 353.75 390.00 2122.30
14-May-93 66 390.00 395.00 375.00 385.00 2219.24
21-May-93 67 385.00 388.75 376.25 380.00 2356.63
28-May-93 68 377.50 380.00 362.50 368.75 2357.71
4-Jun-93 69 368.75 377.50 366.25 375.00 2165.58
11-Jun-93 70 373.75 395.00 373.75 395.00 2336.62
18-Jun-93 71 392.50 392.50 371.25 372.50 2404.00
25-Jun-93 72 370.00 375.00 363.75 370.00 2226.68
2-Jul-93 73 365.00 371.25 365.00 367.50 2203.96
9-Jul-93 74 367.50 367.50 360.00 363.75 2233.86
16-Jul-93 75 360.00 360.00 343.75 345.00 2214.83
23-Jul-93 76 342.50 343.75 322.50 342.50 2131.21
30-Jul-93 77 340.00 362.50 337.50 362.50 2159.77
6-Aug-93 78 362.50 372.50 362.00 367.50 2328.21
13-Aug-93 79 367.50 382.50 363.75 380.00 2382.18
20-Aug-93 80 380.00 435.00 375.00 435.00 2522.48
27-Aug-93 81 420.00 435.00 417.50 430.00 2742.37
3-Sep-93 82 427.50 440.00 420.00 430.00 2668.96
10-Sep-93 83 430.00 485.00 415.00 482.50 2664.06
17-Sep-93 84 490.00 515.00 490.00 502.50 2705.07
24-Sep-93 85 510.00 512.50 480.00 485.00 2763.59
1-Oct-93 86 482.50 495.00 452.50 456.25 2722.52
8-Oct-93 87 457.50 470.00 445.00 460.00 2662.84
15-Oct-93 88 465.00 467.50 460.00 462.50 2671.08
22-Oct-93 89 462.50 482.50 462.50 475.00 2710.92
29-Oct-93 90 472.50 476.25 465.00 467.50 2721.76
5-Nov-93 91 467.50 467.50 455.00 465.00 2673.74
12-Nov-93 92 462.50 485.00 462.50 475.00 2664.72
19-Nov-93 93 477.50 502.50 472.50 495.00 2793.23
26-Nov-93 94 502.50 585.00 495.00 580.00 2972.86
3-Dec-93 95 575.00 585.00 540.00 550.00 3233.40
10-Dec-93 96 540.00 565.00 530.00 545.00 3219.23
17-Dec-93 97 550.00 580.00 540.00 575.00 3401.90
7-Jan-94 98 560.00 585.00 535.00 577.50 3454.81
14-Jan-94 99 590.00 710.00 585.00 675.00 3346.06
21-Jan-94 100 675.00 720.00 610.00 615.00 3662.20
28-Jan-94 101 620.00 750.00 620.00 710.00 3938.74
4-Feb-94 102 690.00 770.00 690.00 710.00 3752.51
11-Feb-94 103 730.00 835.00 730.00 770.00 4053.94
18-Feb-94 104 780.00 780.00 705.00 735.00 3917.57
25-Feb-94 105 750.00 820.00 745.00 790.00 3991.38
4-Mar-94 106 825.00 845.00 710.00 725.00 3915.04
11-Mar-94 107 715.00 790.00 670.00 715.00 4236.96
18-Mar-94 108 720.00 755.00 720.00 750.00 3801.56
25-Mar-94 109 750.00 760.00 732.50 737.50 3747.22
1-Apr-94 110 737.50 767.50 735.00 760.00 3801.86
8-Apr-94 111 755.00 770.00 735.00 762.50 3678.16
15-Apr-94 112 765.00 770.00 747.50 750.00 3778.99
22-Apr-94 113 745.00 750.00 727.50 742.50 3878.55
29-Apr-94 114 742.50 747.50 735.00 742.50 3895.18
6-May-94 115 742.50 742.50 670.00 712.50 3806.74
13-May-94 116 710.00 718.75 703.75 705.00 3746.10
20-May-94 117 705.00 711.25 685.00 690.00 3715.04
27-May-94 118 685.00 690.00 660.00 675.00 3808.50
3-Jun-94 119 675.00 685.00 662.50 675.00 3783.67
10-Jun-94 120 680.00 740.00 672.50 725.00 3789.51
17-Jun-94 121 720.00 725.00 690.00 700.00 4053.23
24-Jun-94 122 710.00 710.00 665.00 670.00 4145.13
1-Jul-94 123 662.50 662.50 625.00 640.00 4282.59
8-Jul-94 124 635.00 667.50 630.00 665.00 4213.01
15-Jul-94 125 665.00 665.00 650.00 660.00 4118.98
22-Jul-94 126 655.00 662.50 650.00 657.50 4076.25
29-Jul-94 127 655.00 670.00 645.00 660.00 4121.49
5-Aug-94 128 660.00 755.00 660.00 710.00 4103.35
12-Aug-94 129 725.00 725.00 655.00 680.00 4191.30
19-Aug-94 130 695.00 700.00 675.00 685.00 4301.57
26-Aug-94 131 680.00 687.50 655.00 665.00 4508.15
2-Sep-94 132 670.00 690.00 665.00 687.50 4468.78
9-Sep-94 133 680.00 695.00 680.00 690.00 4430.76
16-Sep-94 134 695.00 705.00 680.00 687.50 4526.21
23-Sep-94 135 690.00 695.00 672.50 690.00 4550.95
30-Sep-94 136 680.00 695.00 650.00 660.00 4617.61
7-Oct-94 137 660.00 690.00 650.00 680.00 4494.38
14-Oct-94 138 682.50 687.50 667.50 675.00 4281.00
21-Oct-94 139 665.00 680.00 660.00 670.00 4427.04
28-Oct-94 140 662.50 690.00 662.50 680.00 4386.43
4-Nov-94 141 682.50 690.00 680.00 685.00 4310.52
11-Nov-94 142 685.00 695.00 640.00 640.00 4274.71
18-Nov-94 143 635.00 670.00 625.00 660.00 4269.86
25-Nov-94 144 662.50 670.00 640.00 660.00 4059.58
2-Dec-94 145 660.00 670.00 630.00 640.00 4158.19
9-Dec-94 146 630.00 630.00 575.00 590.00 4132.28
16-Dec-94 147 580.00 605.00 575.00 595.00 4077.49
23-Dec-94 148 600.00 600.00 582.50 590.00 3967.87
6-Jan-95 149 595.00 600.00 560.00 565.00 3943.65
13-Jan-95 150 565.00 575.00 547.50 570.00 3926.90
20-Jan-95 151 580.00 625.00 575.00 605.00 3765.62
27-Jan-95 152 595.00 595.00 560.00 575.00 3603.66
3-Feb-95 153 590.00 615.00 587.50 590.00 3600.53
10-Feb-95 154 590.00 600.00 580.00 580.00 3505.81
17-Feb-95 155 590.00 590.00 565.00 570.00 3638.13
24-Feb-95 156 580.00 580.00 545.00 570.00 3522.14
3-Mar-95 157 575.00 580.00 565.00 570.00 3383.89
10-Mar-95 158 575.00 590.00 565.00 575.00 3454.89
17-Mar-95 159 585.00 590.00 555.00 565.00 3528.36
24-Mar-95 160 565.00 570.00 555.00 560.00 3515.19
31-Mar-95 161 567.50 570.00 555.00 560.00 3367.65
7-Apr-95 162 570.00 585.00 562.50 575.00 3280.10
14-Apr-95 163 580.00 585.00 570.00 577.50 3260.96
21-Apr-95 164 575.00 580.00 550.00 560.00 3472.06
28-Apr-95 165 565.00 570.00 550.00 555.00 3464.76
5-May-95 166 545.00 580.00 530.00 575.00 3362.79
12-May-95 167 575.00 600.00 575.00 582.00 3133.28
19-May-95 168 584.00 588.00 560.00 580.00 3203.81
26-May-95 169 578.00 584.00 560.00 574.00 3154.18
2-Jun-95 170 576.00 604.00 568.00 590.00 3327.68
9-Jun-95 171 598.00 604.00 584.00 594.00 3235.55
16-Jun-95 172 594.00 596.00 572.00 586.00 3384.99
23-Jun-95 173 592.00 612.00 588.00 592.00 3337.71
30-Jun-95 174 580.00 594.00 580.00 586.00 3349.47
7-Jul-95 175 580.00 600.00 570.00 586.00 3315.81
14-Jul-95 176 588.00 612.00 576.00 606.00 3247.36
21-Jul-95 177 606.00 614.00 600.00 608.00 3191.04
28-Jul-95 178 608.00 640.00 586.00 606.00 3331.98
4-Aug-95 179 598.00 606.00 594.00 600.00 3443.19
11-Aug-95 180 598.00 608.00 592.00 602.00 3452.88
18-Aug-95 181 600.00 622.00 600.00 612.00 3395.17
25-Aug-95 182 614.00 614.00 586.00 592.00 3404.60
1-Sep-95 183 592.00 596.00 584.00 588.00 3446.18
15-Sep-95 184 592.00 598.00 580.00 584.00 3370.28
22-Sep-95 185 580.00 606.00 578.00 606.00 3356.09
29-Sep-95 186 608.00 636.00 604.00 630.00 3371.66
6-Oct-95 187 630.00 634.00 612.00 630.00 3444.40
13-Oct-95 188 630.00 646.00 626.00 640.00 3493.21
20-Oct-95 189 642.00 644.00 626.00 636.00 3598.37
27-Oct-95 190 634.00 644.00 624.00 638.00 3581.97
3-Nov-95 191 640.00 644.00 634.00 638.00 3514.42
10-Nov-95 192 640.00 640.00 596.00 598.00 3444.12
17-Nov-95 193 598.00 600.00 580.00 584.00 3469.40
24-Nov-95 194 582.00 586.00 550.00 576.00 3280.06
1-Dec-95 195 582.00 596.00 568.00 590.00 3103.03
8-Dec-95 196 586.00 620.00 586.00 610.00 3042.20
15-Dec-95 197 604.00 614.00 600.00 610.00 3037.99
22-Dec-95 198 612.00 626.00 610.00 624.00 3083.32
5-Jan-96 199 622.00 624.00 620.00 622.00 3049.40
12-Jan-96 200 622.00 630.00 620.00 624.00 3110.49
19-Jan-96 201 626.00 636.00 624.00 632.00 3048.86
26-Jan-96 202 634.00 636.00 618.00 634.00 3010.21
2-Feb-96 203 630.00 674.00 628.00 672.00 2918.21
9-Feb-96 204 680.00 700.00 630.00 680.00 2826.08
16-Feb-96 205 700.00 725.00 685.00 705.00 3172.83
23-Feb-96 206 700.00 725.00 700.00 715.00 3470.53
1-Mar-96 207 720.00 725.00 705.00 710.00 3499.06
8-Mar-96 208 710.00 720.00 660.00 675.00 3492.95
15-Mar-96 209 665.00 705.00 655.00 695.00 3417.81
22-Mar-96 210 700.00 715.00 700.00 710.00 3344.64
29-Mar-96 211 710.00 710.00 705.00 710.00 3343.27
5-Apr-96 212 705.00 725.00 705.00 720.00 3238.71
12-Apr-96 213 720.00 725.00 710.00 715.00 3366.61
19-Apr-96 214 720.00 800.00 715.00 780.00 3443.86
26-Apr-96 215 785.00 815.00 735.00 790.00 3487.51
3-May-96 216 795.00 810.00 775.00 780.00 3737.86
10-May-96 217 775.00 805.00 750.00 780.00 3765.11
17-May-96 218 770.00 790.00 770.00 770.00 3785.51
24-May-96 219 765.00 785.00 755.75 774.75 3694.39
31-May-96 220 762.25 785.00 738.00 781.50 3795.96
7-Jun-96 221 780.00 839.75 780.00 832.75 3709.25
14-Jun-96 222 832.50 875.00 832.50 870.00 3724.97
21-Jun-96 223 880.00 934.75 868.75 885.75 3866.21
28-Jun-96 224 885.25 887.50 820.00 821.50 4049.32
5-Jul-96 225 827.50 899.00 800.00 870.25 3924.95
12-Jul-96 226 880.00 898.00 855.00 860.25 3812.52
19-Jul-96 227 852.00 881.00 840.00 869.00 3707.01
26-Jul-96 228 865.00 893.00 829.00 855.50 3651.56
2-Aug-96 229 858.00 866.75 825.00 861.00 3763.09
9-Aug-96 230 860.00 890.25 855.00 860.75 3560.00
23-Aug-96 231 830.00 868.00 810.00 846.50 3511.63
30-Aug-96 232 842.50 861.75 835.00 841.75 3497.73
6-Sep-96 233 836.25 841.50 800.00 835.25 3431.40
13-Sep-96 234 826.00 829.00 806.00 818.00 3514.61
20-Sep-96 235 834.00 834.00 820.25 826.50 3508.07
27-Sep-96 236 824.25 830.00 811.00 820.75 3347.37
4-Oct-96 237 814.00 820.00 780.00 785.75 3346.78
11-Oct-96 238 799.00 814.50 750.00 798.75 3254.73
18-Oct-96 239 790.00 807.00 782.00 805.25 3101.27
25-Oct-96 240 810.00 831.00 807.00 814.00 3160.52
1-Nov-96 241 820.00 820.00 783.75 790.50 3130.21
8-Nov-96 242 784.00 786.00 771.50 781.25 3250.66
15-Nov-96 243 788.00 816.50 786.00 803.00 3148.57
22-Nov-96 244 803.00 820.00 790.00 800.00 3066.66
29-Nov-96 245 775.00 804.00 765.00 799.75 3139.02
6-Dec-96 246 800.00 800.00 732.25 790.00 2965.66
13-Dec-96 247 780.00 819.00 740.25 775.25 2890.50
20-Dec-96 248 785.00 819.00 778.75 818.50 2826.20
27-Dec-96 249 815.00 823.50 804.00 807.75 2881.15
3-Jan-97 250 808.00 817.00 804.25 809.50 3110.19
10-Jan-97 251 816.75 897.00 800.00 892.50 3085.20
17-Jan-97 252 884.00 910.25 860.00 874.00 3264.00
24-Jan-97 253 873.00 883.75 861.00 882.00 3418.32
31-Jan-97 254 893.00 900.00 875.50 887.00 3422.35
7-Feb-97 255 876.50 902.00 875.00 888.50 3435.62
14-Feb-97 256 891.00 918.00 890.00 904.75 3382.47
21-Feb-97 257 916.75 917.00 855.25 856.25 3407.22
28-Feb-97 258 856.00 990.00 845.00 941.75 3521.99
7-Mar-97 259 975.00 1090.00 951.50 1025.00 3439.49
14-Mar-97 260 1005.00 1020.00 989.75 992.25 3651.91
21-Mar-97 261 1002.00 1020.00 972.75 1008.00 3876.04
28-Mar-97 262 1020.00 1020.00 991.00 998.00 3745.31
4-Apr-97 263 900.00 1017.00 899.00 1012.00 3730.20
11-Apr-97 264 1023.00 1069.00 1015.00 1050.50 3663.53
18-Apr-97 265 1046.00 1055.00 1035.25 1054.00 3550.37
25-Apr-97 266 1058.00 1095.00 1055.00 1093.50 3633.73
2-May-97 267 1088.00 1110.00 1035.00 1084.00 3696.52
9-May-97 268 1080.00 1105.00 1063.00 1100.00 3825.57
16-May-97 269 1123.75 1125.00 1038.00 1070.00 3801.71
23-May-97 270 1068.75 1074.00 1045.00 1046.25 3769.34
30-May-97 271 1050.00 1115.00 1025.00 1114.75 3759.64
6-Jun-97 272 1040.00 1268.00 1040.00 1235.50 3706.37
13-Jun-97 273 1239.00 1320.00 1187.00 1300.25 3755.10
20-Jun-97 274 1300.00 1400.00 1280.00 1321.25 3836.44
27-Jun-97 275 1310.00 1400.00 1274.00 1384.25 4029.99
4-Jul-97 276 1420.00 1455.00 1363.00 1371.75 4083.04
11-Jul-97 277 1400.00 1417.75 1354.00 1386.25 4133.24
18-Jul-97 278 1358.00 1374.00 1314.25 1324.00 4323.82
25-Jul-97 279 1330.00 1400.00 1250.00 1379.75 4321.98
1-Aug-97 280 1380.00 1457.00 1363.00 1444.75 4124.81
8-Aug-97 281 1485.00 1590.00 1476.00 1532.75 4189.81
15-Aug-97 282 1528.00 1555.00 1450.00 1462.75 4347.32
22-Aug-97 283 1400.00 1449.00 1345.00 1376.75 4397.54
29-Aug-97 284 1388.75 1413.00 1340.00 1350.50 4320.97
5-Sep-97 285 1345.00 1420.00 1326.25 1405.25 4047.67
12-Sep-97 286 1378.00 1448.75 1373.00 1413.75 3876.08
19-Sep-97 287 1440.00 1443.00 1305.25 1307.00 4032.35
26-Sep-97 288 1310.00 1349.00 1273.00 1346.00 3995.94
3-Oct-97 289 1346.00 1358.00 1322.00 1332.25 3825.12
10-Oct-97 290 1325.50 1368.25 1320.00 1351.50 3925.24
24-Oct-97 291 1436.75 1455.00 1371.25 1374.50 3847.73
31-Oct-97 292 1385.00 1390.00 1300.00 1357.00 4057.37
7-Nov-97 293 1286.00 1340.00 1275.50 1335.50 3957.46
14-Nov-97 294 1329.00 1355.00 1278.00 1292.25 3934.33
21-Nov-97 295 1300.00 1340.00 1236.00 1331.25 3747.32
28-Nov-97 296 1320.00 1407.00 1287.00 1391.00 3569.77
5-Dec-97 297 1374.00 1400.00 1345.00 1346.75 3523.44
12-Dec-97 298 1345.00 1350.00 1205.00 1228.25 3560.29
19-Dec-97 299 1224.00 1403.00 1203.00 1395.00 3469.08
26-Dec-97 300 1405.00 1448.00 1375.00 1389.25 3329.27