【新手求问】market risk premium与mark excess return

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新手求问，原文如下：
Ang and Chen (2007) introduce a conditional CAPM with conditional betas, timevarying market risk premiums, and stochastic systematic volatility in which the conditional betas follow an endogenous AR(1) latent process, the market risk premium follows a mean-reverting latent process, and the market excess return has a conditional market risk premium and stochastic systematic volatility, i.e. it follows a Brownian motion.

这里的market risk premium即市场风险溢价,那market excess return是什么意思（市场超额收益），不是和市场风险溢价一个意思吗，新手不太懂，求解
另外请指导一下endogenous AR(1) latent process是关于一阶自回归的什么形式，谢谢！不胜感激！

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关键词：market risk premium market excess RETURN CAPM conditionalCAPM FF-three factors