Usually means: Return above the benchmark rate.
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We found 8 dictionaries that define the word excess return:

General (3 matching dictionaries)
  1. excess return: Wiktionary
  2. excess return: Dictionary.com
  3. Excess Return, Excess return: Wikipedia, the Free Encyclopedia

Business (5 matching dictionaries)
  1. Excess return: Moneyterms
  2. Excess Return: Management Methods, Models, and Theories
  3. Excess Return: Management Dictionary
  4. Excess Return: Financial dictionary
  5. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (excess return)

noun:  (business, economics) The return that exceeds the risk-free return.

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