I am reading Novy-Marx's paper titled "The other side of value: The gross profitability premium".
Throughout the paper, he mentions excess returns in several tables, but I cannot find any mention of what this is in "excess" too. Just by eyeballing the numbers, it seems like it's in excess to a T-bill or similar but I can't exactly be sure. I've searched throughout the paper and can't find an answer.
Here is an example.