PageSourceSearch

https://global-q.org/background.html

html global-q.org collected 2026-10-01 15:28:36 UTC 49,966 bytes, 285 lines download raw bytes

1<!DOCTYPE html>
2<html lang="en">
3	<head>
3<script src="/gdpr/gdprscript.js?buildTime=1785424712&hasRemindMe=true&stealth=false"></script>
3
4		<title>Background</title><meta property="og:site_name" content="Global-q.org" />
5<meta property="og:title" content="Background" />
6<meta property="og:description" content="Authors and references for the q-factor data library" />
7<meta property="og:image" content="http://cdn2.editmysite.com/images/site/footer/og-image-placeholder-blank.png" />
8<meta property="og:url" content="http://global-q.org/background.html" />
9
10<link rel="icon" type="image/png" href="//www.weebly.com/uploads/reseller/assets/1948623834-favicon.ico" />
11
12<meta name="description" content="Authors and references for the q-factor data library" />
13<meta name="keywords" content="Kewei Hou, Chen Xue, Lu Zhang, q-factors, the investment CAPM" />
14<meta http-equiv="Content-Type" content="text/html; charset=utf-8" />
15  <meta name="viewport" content="width=device-width, initial-scale=1.0" />
16
17		
18		<link id="wsite-base-style" rel="stylesheet" type="text/css" href="//cdn11.editmysite.com/css/sites.css?buildtime=1785424712" />
19<link rel="stylesheet" type="text/css" href="//cdn11.editmysite.com/css/old/fancybox.css?buildtime=1785424712" />
20<link rel="stylesheet" type="text/css" href="//cdn11.editmysite.com/css/social-icons.css?buildtime=1785424712" media="screen,projection" />
21<link rel="stylesheet" type="text/css" href="/files/main_style.css?1785503456" title="wsite-theme-css" />
22<link href='//cdn2.editmysite.com/fonts/Josefin_Sans/font.css?2' rel='stylesheet' type='text/css' />
23
24<link href='//cdn2.editmysite.com/fonts/Crimson_Text/font.css?2' rel='stylesheet' type='text/css' />
25<link href='//cdn2.editmysite.com/fonts/Montserrat/font.css?2' rel='stylesheet' type='text/css' />
26<link href='//cdn2.editmysite.com/fonts/Lora/font.css?2' rel='stylesheet' type='text/css' />
27<style type='text/css'>
28.wsite-elements.wsite-not-footer:not(.wsite-header-elements) div.paragraph, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) p, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-block .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-description, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .wsite-form-field label, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .wsite-form-field label, #wsite-content div.paragraph, #wsite-content p, #wsite-content .product-block .product-title, #wsite-content .product-description, #wsite-content .wsite-form-field label, #wsite-content .wsite-form-field label, .blog-sidebar div.paragraph, .blog-sidebar p, .blog-sidebar .wsite-form-field label, .blog-sidebar .wsite-form-field label {font-family:"Times New Roman" !important;}
29#wsite-content div.paragraph, #wsite-content p, #wsite-content .product-block .product-title, #wsite-content .product-description, #wsite-content .wsite-form-field label, #wsite-content .wsite-form-field label, .blog-sidebar div.paragraph, .blog-sidebar p, .blog-sidebar .wsite-form-field label, .blog-sidebar .wsite-form-field label {color:#000 !important;}
30.wsite-elements.wsite-footer div.paragraph, .wsite-elements.wsite-footer p, .wsite-elements.wsite-footer .product-block .product-title, .wsite-elements.wsite-footer .product-description, .wsite-elements.wsite-footer .wsite-form-field label, .wsite-elements.wsite-footer .wsite-form-field label{}
31.wsite-elements.wsite-not-footer:not(.wsite-header-elements) h2, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-long .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-large .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-small .product-title, #wsite-content h2, #wsite-content .product-long .product-title, #wsite-content .product-large .product-title, #wsite-content .product-small .product-title, .blog-sidebar h2 {font-family:"Crimson Text" !important;letter-spacing: 0px !important;}
32#wsite-content h2, #wsite-content .product-long .product-title, #wsite-content .product-large .product-title, #wsite-content .product-small .product-title, .blog-sidebar h2 {}
33.wsite-elements.wsite-footer h2, .wsite-elements.wsite-footer .product-long .product-title, .wsite-elements.wsite-footer .product-large .product-title, .wsite-elements.wsite-footer .product-small .product-title{}
34#wsite-title {font-family:"Montserrat" !important;}
35.wsite-not-footer h2.wsite-content-title a, .wsite-not-footer .paragraph a, .wsite-not-footer blockquote a, #blogTable .blog-sidebar a, #blogTable .blog-comments a, #blogTable .blog-comments-bottom a, #wsite-com
35-store a, #wsite-com-product-gen a {color:#0032f8 !important;}
36.wsite-menu-default a {text-transform:  none !important;}
37.wsite-menu a {}
38.wsite-image div, .wsite-caption {font-family:"Times New Roman" !important;font-style:normal !important;}
39.galleryCaptionInnerText {}
40.fancybox-title {}
41.wslide-caption-text {}
42.wsite-phone {}
43.wsite-headline,.wsite-header-section .wsite-content-title {}
44.wsite-headline-paragraph,.wsite-header-section .paragraph {font-family:"Lora" !important;font-weight:400 !important;text-transform:  none !important;}
45.wsite-button-inner {}
46.wsite-not-footer blockquote {}
47.wsite-footer blockquote {}
48.blog-header h2 a {}
49#wsite-content h2.wsite-product-title {}
50.wsite-product .wsite-product-price a {}
51.wsite-not-footer h2.wsite-content-title a:hover, .wsite-not-footer .paragraph a:hover, .wsite-not-footer blockquote a:hover, #blogTable .blog-sidebar a:hover, #blogTable .blog-comments a:hover, #blogTable .blog-comments-bottom a:hover, #wsite-com-store a:hover, #wsite-com-product-gen a:hover {color:#000ef5 !important;}
52@media screen and (min-width: 767px) {.wsite-elements.wsite-not-footer:not(.wsite-header-elements) div.paragraph, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) p, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-block .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-description, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .wsite-form-field label, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .wsite-form-field label, #wsite-content div.paragraph, #wsite-content p, #wsite-content .product-block .product-title, #wsite-content .product-description, #wsite-content .wsite-form-field label, #wsite-content .wsite-form-field label, .blog-sidebar div.paragraph, .blog-sidebar p, .blog-sidebar .wsite-form-field label, .blog-sidebar .wsite-form-field label {font-size:18px !important;line-height:20px !important;}
53#wsite-content div.paragraph, #wsite-content p, #wsite-content .product-block .product-title, #wsite-content .product-description, #wsite-content .wsite-form-field label, #wsite-content .wsite-form-field label, .blog-sidebar div.paragraph, .blog-sidebar p, .blog-sidebar .wsite-form-field label, .blog-sidebar .wsite-form-field label {}
54.wsite-elements.wsite-footer div.paragraph, .wsite-elements.wsite-footer p, .wsite-elements.wsite-footer .product-block .product-title, .wsite-elements.wsite-footer .product-description, .wsite-elements.wsite-footer .wsite-form-field label, .wsite-elements.wsite-footer .wsite-form-field label{}
55.wsite-elements.wsite-not-footer:not(.wsite-header-elements) h2, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-long .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-large .product-title, .wsite-elements.wsite-not-footer:not(.wsite-header-elements) .product-small .product-title, #wsite-content h2, #wsite-content .product-long .product-title, #wsite-content .product-large .product-title, #wsite-content .product-small .product-title, .blog-sidebar h2 {font-size:31px !important;}
56#wsite-content h2, #wsite-content .product-long .product-title, #wsite-content .product-large .product-title, #wsite-content .product-small .product-title, .blog-sidebar h2 {}
57.wsite-elements.wsite-footer h2, .wsite-elements.wsite-footer .product-long .product-title, .wsite-elements.wsite-footer .product-large .product-title, .wsite-elements.wsite-footer .product-small .product-title{}
58#wsite-title {font-size:15px !important;}
59.wsite-menu-default a {font-size:22px !important;}
60.wsite-menu a {font-size:20px !important;}
61.wsite-image div, .wsite-caption {font-size:19px !important;}
62.galleryCaptionInnerText {}
63.fancybox-title {}
64.wslide-caption-text {}
65.wsite-phone {}
66.wsite-headline,.wsite-header-section .wsite-content-title {}
67.wsite-headline-paragraph,.wsite-header-section .paragraph {}
68.wsite-button-inner {}
69.wsite-not-footer blockquote {}
70.wsite-footer blockquote {}
71.blog-header h2 a {}
72#wsite-content h2.wsite-product-title {}
73.wsite-product .wsite-product-price a {}
74}</style>
75
76		
76<script>
77var STATIC_BASE = '//cdn1.editmysite.com/';
78var ASSETS_BASE = '//cdn11.editmysite.com/';
79var STYLE_PREFIX = 'wsite';
80</script>
vendor: 1 bytes, line 80
80
81<script src='https://cdn11.editmysite.com/js/jquery-1.8.3.min.js'></script>
81
82
83<script type="text/javascript" src="//cdn2.editmysite.com/js/lang/en/stl.js?buildTime=1785424712&"></script>
vendor: 1 bytes, line 83
83
84<script src="//cdn11.editmysite.com/js/site/main.js?buildtime=1785424712"></script>
84<script type="text/javascript">
85		function initCustomerAccountsModels() {
86					(function(){_W.setup_rpc({"url":"\/ajax\/api\/JsonRPC\/CustomerAccounts\/","actions":{"CustomerAccounts":[{"name":"login","len":2,"multiple":false,"standalone":false},{"name":"logout","len":0,"multiple":false,"standalone":false},{"name":"getSessionDetails","len":0,"multiple":false,"standalone":false},{"name":"getAccountDetails","len":0,"multiple":false,"standalone":false},{"name":"getOrders","len":0,"multiple":false,"standalone":false},{"name":"register","len":4,"multiple":false,"standalone":false},{"name":"emailExists","len":1,"multiple":false,"standalone":false},{"name":"passwordReset","len":1,"multiple":false,"standalone":false},{"name":"passwordUpdate","len":3,"multiple":false,"standalone":false},{"name":"validateSession","len":1,"multiple":false,"standalone":false}]},"namespace":"_W.CustomerAccounts.RPC"});
87_W.setup_model_rpc({"rpc_namespace":"_W.CustomerAccounts.RPC","model_namespace":"_W.CustomerAccounts.BackboneModelData","collection_namespace":"_W.CustomerAccounts.BackboneCollectionData","bootstrap_namespace":"_W.CustomerAccounts.BackboneBootstrap","models":{"CustomerAccounts":{"_class":"CustomerAccounts.Model.CustomerAccounts","defaults":null,"validation":null,"types":null,"idAttribute":null,"keydefs":null}},"collections":{"CustomerAccounts":{"_class":"CustomerAccounts.Collection.CustomerAccounts"}},"bootstrap":[]});
88})();
89		}
90		if(document.createEvent && document.addEventListener) {
91			var initEvt = document.createEvent('Event');
92			initEvt.initEvent('customerAccountsModelsInitialized', true, false);
93			document.dispatchEvent(initEvt);
94		} else if(document.documentElement.initCustomerAccountsModels === 0){
95			document.documentElement.initCustomerAccountsModels++
96		}
97		</script>
97
98		
98<script type="text/javascript"> _W = _W || {}; _W.securePrefix='api.weeblycloud.com'; </script>
98<script>_W = _W || {};
99			_W.customerLocale = "en_US";
100			_W.storeName = null;
101			_W.isCheckoutReskin = false;
102			_W.storeCountry = "US";
103			_W.storeCurrency = "USD";
104			_W.storeEuPrivacyPolicyUrl = "";
105			com_currentSite = "202415577780320096";
106			com_userID = "122679606";</script>
106<script type="text/javascript">_W.resellerSite = true;</script>
106<script type="text/javascript">_W.configDomain = "www.weebly.com";</script>
106<script>_W.relinquish && _W.relinquish()</script>
vendor: 1 bytes, line 106
106
107<script type="text/javascript" src="//cdn2.editmysite.com/js/lang/en/stl.js?buildTime=1785424712&"></script>
107<script> _W.themePlugins = [];</script>
107<script type="text/javascript"> _W.recaptchaUrl = "https://www.google.com/recaptcha/api.js"; </script>
107<script type="text/javascript"><!--
108	
109	var DISABLE_NAV_MORE = 1;
110	function initFlyouts(){
111		initPublishedFlyoutMenus(
112			[{"id":"216212010823495201","title":"Home","url":"index.html","target":"","nav_menu":false,"nonclickable":false},{"id":"985478175978406014","title":"Factors","url":"factors.html","target":"","nav_menu":false,"nonclickable":false},{"id":"358815547719150431","title":"Testing Portfolios","url":"testingportfolios.html","target":"","nav_menu":false,"nonclickable":false},{"id":"459251597158685735","title":"Background","url":"background.html","target":"","nav_menu":false,"nonclickable":false}],
113			"459251597158685735",
114			'',
115			'active',
116			false,
117			{"navigation\/item":"<li {{#id}}id=\"{{id}}\"{{\/id}} class=\"wsite-menu-item-wrap\">\n\t<a\n\t\t{{^nonclickable}}\n\t\t\t{{^nav_menu}}\n\t\t\t\thref=\"{{url}}\"\n\t\t\t{{\/nav_menu}}\n\t\t{{\/nonclickable}}\n\t\t{{#target}}\n\t\t\ttarget=\"{{target}}\"\n\t\t{{\/target}}\n\t\t{{#membership_required}}\n\t\t\tdata-membership-required=\"{{.}}\"\n\t\t{{\/membership_required}}\n\t\tclass=\"wsite-menu-item\"\n\t\t>\n\t\t{{{title_html}}}\n\t<\/a>\n\t{{#has_children}}{{> navigation\/flyout\/list}}{{\/has_children}}\n<\/li>\n","navigation\/flyout\/list":"<div class=\"wsite-menu-wrap\" style=\"display:none\">\n\t<ul class=\"wsite-menu\">\n\t\t{{#children}}{{> navigation\/flyout\/item}}{{\/children}}\n\t<\/ul>\n<\/div>\n","navigation\/flyout\/item":"<li {{#id}}id=\"{{id}}\"{{\/id}}\n\tclass=\"wsite-menu-subitem-wrap {{#is_current}}wsite-nav-current{{\/is_current}}\"\n\t>\n\t<a\n\t\t{{^nonclickable}}\n\t\t\t{{^nav_menu}}\n\t\t\t\thref=\"{{url}}\"\n\t\t\t{{\/nav_menu}}\n\t\t{{\/nonclickable}}\n\t\t{{#target}}\n\t\t\ttarget=\"{{target}}\"\n\t\t{{\/target}}\n\t\tclass=\"wsite-menu-subitem\"\n\t\t>\n\t\t<span class=\"wsite-menu-title\">\n\t\t\t{{{title_html}}}\n\t\t<\/span>{{#has_children}}<span class=\"wsite-menu-arrow\">&gt;<\/span>{{\/has_children}}\n\t<\/a>\n\t{{#has_children}}{{> navigation\/flyout\/list}}{{\/has_children}}\n<\/li>\n"},
118			{"hasCustomMembership":true,"hasCustomMinicart":true}
119		)
120	}
121//-->
122</script>
122
123		
124		
125	</head>
126	<body class="no-header-page  wsite-page-background  sticky-nav-off full-width-on header-scroll-animate-off  wsite-theme-light"><div class="wrapper">
127    <div class="unite-header">
128      <div class="nav-wrap">
129        <div class="container">
130          <a class="hamburger" aria-label="Menu" href="#"><span></span></a>
131          <div class="logo"><span class="wsite-logo">
132
133	
134	<span class="wsite-title-placeholder">&nbsp;</span><span style="display:none">
135	<span style="display:none">Global-q.org</span>
136	</span>
137	
138
139</span></div>
140          <div class="nav desktop-nav"><ul class="wsite-menu-default">
141		<li id="pg216212010823495201" class="wsite-menu-item-wrap">
142			<a
143						href="/"
144				class="wsite-menu-item"
145				>
146				Home
147			</a>
148			
149		</li>
150		<li id="pg985478175978406014" class="wsite-menu-item-wrap">
151			<a
152						href="/factors.html"
153				class="wsite-menu-item"
154				>
155				Factors
156			</a>
157			
158		</li>
159		<li id="pg358815547719150431" class="wsite-menu-item-wrap">
160			<a
161						href="/testingportfolios.html"
162				class="wsite-menu-item"
163				>
164				Testing Portfolios
165			</a>
166			
167		</li>
168		<li id="active" class="wsite-menu-item-wrap">
169			<a
170						href="/background.html"
171				class="wsite-menu-item"
172				>
173				Background
174			</a>
175			
176		</li>
177</ul>
178</div>
179          <div class="nav membership-cart"><span id="member-login" class="wsite-custom-membership-wrapper"><a href="#" id="wsite-nav-login-a"></a></span></div>
180        </div>
181      </div>
182    </div>
183
184    <div class="main-wrap">
185      <div id="wsite-content" class="wsite-elements wsite-not-footer">
186	<div class="wsite-section-wrap">
187	<div class="wsite-section wsite-body-section wsite-background-13"  >
188		<div class="wsite-section-content">
189          <div class="container">
190			<div class="wsite-section-elements">
191				<div class="paragraph"><strong>About the Authors of the <em>q</em>-factor Model</strong><br /><br /><br /><a href="https://fisher.osu.edu/people/hou.28" target="_blank"><strong>Prof. Kewei Hou</strong></a> is the Ric Dillon Endowed Professor in Investments, Professor of Finance, at Fisher College of Business, The Ohio State University. Prof. Hou's primary research interest is in the area of empirical asset pricing with a specialization in the predictability of asset returns. He has published in Journal of Finance,<span>&nbsp;</span>Journal of Financial Economics,<span>&nbsp;</span>Review of Financial Studies,<span>&nbsp;</span>Journal of Accounting and Economics,<span>&nbsp;</span>Review of Finance, and<span>&nbsp;</span>Management Science. Prof. Hou is an Editor of&nbsp;<span> </span>Journal of Empirical Finance<em>,&nbsp;</em>
191Associate Editor of Journal of Banking and Finance&nbsp;and<span>&nbsp;</span>Asia-Pacific Journal of Financial Studies, Faculty Research Fellow of the Charles A. Dice Center for Research in Financial Economics and the China Academy of Financial Research, and the recipient of research grants from the Institute for Quantitative Research in Finance (Q-Group), INQUIRE-Europe, INQUIRE-UK, BSI GAMMA Foundation, Chicago Quantitative Alliance, and Research Grants Council (RGC) of Hong Kong. Professor Hou joined Ohio State in 2001. He received his B.S. in Electrical Engineering from the University of Science and Technology of China (USTC) and his Ph.D. in Finance from the University of Chicago Booth School of Business. E-mail: <a href="mailto:[email protected]">[email protected].&nbsp;</a><br /><br /><a href="https://sites.google.com/site/xuecx2013/" target="_blank"><strong>Prof. Chen Xue</strong></a> is&nbsp;Johnson Professor of Finance at Lindner College of Business, University of Cincinnati. <span style="color:rgb(51, 51, 51); font-weight:300">Prof. Xue's main research interests include empirical asset pricing, asset management, and real estate finance. He has published in Review of Financial Studies, Review of Finance, and Journal of Real Estate Finance and Economics. His work has been featured by the Wall Street Journal, Bloomberg and The Economist and has won the second prize at the Chicago Quantitative Alliance Annual Academic Competition in both 2015 and 2017. In 2019, his paper titled &ldquo;Which Factors?&rdquo; won the Sp&auml;ngler IQAM Prize for the best investment paper published at the Review of Finance. In 2018, he received the Lindner Research Excellence Emerging Scholar Award. As of November 2019, Prof. Xue&rsquo;s research has been cited over 1,500 times on Google Scholar. In 2016, he received the Daniel J. Westerbeck Junior Faculty Graduate Teaching Award. Prof. Xue earned a PhD in Finance from the University of Michigan in 2012. E-mail: <a href="mailto:[email protected]">[email protected]</a>. </span><br /><br /><a href="http://theinvestmentcapm.com" target="_blank"><strong>Prof. Lu Zhang</strong></a> is the <span style="color:rgb(42, 42, 42); font-weight:500">John W. Galbreath Chair of Finance at Fisher College of Business, The Ohio State University, as well as Research Associate at National Bureau of Economic Research and Associate Editor for Journal of Financial Economics and Journal of Financial and Quantitative Analysis. He is Founding President of Macro Finance Society</span><span style="color:rgb(42, 42, 42); font-weight:500">, which is an international academic society devoted to advancing and disseminating high-quality research at the intersection of financial economics and macroeconomics. Before joining Ohio State in 2010, he taught at Stephen M. Ross School of Business at University of Michigan and William E. Simon Graduate School of Business Administration at University of Rochester.</span><span style="color:rgb(42, 42, 42); font-weight:500"> Prof. Zhang&rsquo;s research focuses on asset pricing, in connection with macroeconomics, corporate finance, labor economics, and capital markets research in accounting. He has published extensively at prestigious academic journals. One chapter of his doctoral thesis "The value premium" </span><span style="color:rgb(42, 42, 42); font-weight:500">won<span> the Smith-Breeden Award for Best Paper for 2005 from American Financial Association and Journal of Finance. </span></span><span style="color:rgb(42, 42, 42); font-weight:500">His article on "Which factors?" won<span>&nbsp;</span></span><span style="color:rgb(51, 51, 51); font-weight:300">the Sp&auml;ngler IQAM Prize for the best investment paper published at Review of Finance from European Finance Association.</span><span style="color:rgb(42, 42, 42); font-weight:500"> His academic research has been frequently featured in prominent media outlets such as The Wall Street Journal, Bloomberg, Shanghai Financial News, and The Economist. In 2015, Prof. Zhang was voted the Outstanding Working Professional MBA Elective Faculty Award recipient at Fisher College of Business. E-mail: <a href="mailto:[email protected]">[email protected]</a>. </span><br /><br /><br /><strong>Practical Impact on Investment Management</strong><br /><br /><a href="https://blog.validea.com/lu-zhang-on-the-evolution-of-asset-pricing-models-and-his-first-principles-approach-to-improve-them/" target="_blank">Lu Zhang on the evolution of asset pricing models and his first principles approach to improve<span>&nbsp;</span></a><a href="https://blog.validea.com/lu-zhang-on-the-evolution-of-asset-pricing-models-and-his-first-principles-approach-to-improve-them/" target="_blank">them</a><span style="color:rgb(42, 42, 42); font-weight:500">, validea.com, November 22, 2021</span><br /><br /><a href="https://themarket.ch/amp/meinung/quantitative-vs-fundamental-analysis-finances-60-year-schism-ld.4820?__twitter_impression=true" target="_blank">Quantitative vs. fundamental analysis: Finance's 60 year schism</a>, Rafael Resendes, The market, August 23, 2021<br /><br /><a href="https://www.bloomberg.com/opinion/articles/2021-07-21/personal-finance-what-happened-to-price-to-book-ratio-in-value-investing?sref=8yFYal8I" target="_blank">What happened to price-to-book ratio in value investing?</a> Nir Kaissar, Bloomberg, July 21, 2021<br /><br /><a href="https://www.bloomberg.com/opinion/articles/2021-06-03/personal-finance-amazon-and-other-tech-giants-buck-the-empire-trap" target="_blank">Amazon and other tech giants buck the empire trap</a>, Nir Kaissar, Bloomberg, June 3, 2021<br /><br />
191<a href="https://seekingalpha.com/amp/article/4420433-impact-of-investor-sentiment-on-equity-returns" target="_blank">The impact of investor sentiment on equity returns</a>, Larry Swedroe, seekingalpha.com, May 3, 2021<br /><br /><a href="https://alphaarchitect.com/2021/04/22/building-a-better-q-factor-asset-pricing-model/" target="_blank">Building a better q-factor asset pricing model</a>, Larry Swedroe, alpha architect blog, April 22, 2021<br /><br /><a href="http://theinvestmentcapm.com/blog/scientific-virtues" target="_blank">Scientific virtues</a>, Lu Zhang, theinvestmentcapm.com, April 11, 2021<br /><br /><a href="http://theinvestmentcapm.com/blog/is-asset-pricing-scientific" target="_blank">Is asset pricing scientific?</a> Lu Zhang, theinvestmentcapm.com, April 3, 2021<br /><br /><a href="https://blog.validea.com/rafael-resendes-on-intrinsic-value-economic-margin-and-how-some-value-models-have-lost-their-way/" target="_blank">Rafael Resendes on intrinsic value, economic margin and how some value models have lost their way</a>, Jack Forehand and Justin Carbonneau, blog.validea.com, March 25, 2021<br /><br /><a href="https://blog.validea.com/academic-research-spotlight-replicating-anomalies-by-lu-zhang-chen-xue-and-kewei-hou-ep-73/" target="_blank">Academic research spotlight: Replicating anomalies by Lu Zhang, Chen Xue, and Kewei Hou (Ep. 73)</a>, Jack Forehand and Justin Carbonneau, blog.validea, March 1, 2021<br /><br /><a href="http://revfin.org/an-augmented-q-factor-model-with-expected-growth/" target="_blank">Non-technical summary: An augmented <em>q</em>-factor model with expected growth</a>, Review of Finance, February 25, 2021<br /><br /><a href="https://mp.weixin.qq.com/s/LewCGctFGlbayJxAx1QtRw" target="_blank">Replication failures of asset pricing anomalies</a>, Quantitative investing and machine learning, in Chinese, February 3, 2021<br /><br /><a href="https://www.advisorperspectives.com/articles/2020/11/30/has-the-size-premium-disappeared" target="_blank">Has the size premium disappeared?</a> by Larry Swedroe, advisorperspectives.com, November 30, 2020<br /><br /><a href="https://www.advisorperspectives.com/articles/2020/10/12/who-buys-lottery-stocks-youll-be-surprised" target="_blank">Who buys lottery stocks? You'll be surprised</a>, by Larry Swedroe, advisorperspectives.com, October 20, 2020<br /><br /><a href="https://www.npr.org/2020/08/20/904063942/theres-more-big-tech-in-your-life-than-you-even-know-check-out-your-stock-portfo" target="_blank">There's more big tech in your life than you ever know. Check out your stock portfolios</a>, by Jim Zarroli, npr.org, August 20, 2020<br /><br /><a href="https://seekingalpha.com/article/4368960-economic-intuitions-behind-q-factors" target="_blank">Economic intuitions behind the <em>q</em>-factors</a>, by Larry Swedroe, seekingalpha.com, August 15, 2020<br /><br /><a href="https://www.evidenceinvestor.com/markets-are-more-efficient-than-you-think/" target="_blank">Markets are more efficient than you think</a>, by Larry Swedroe, evidenceinvestor.com, August 14, 2020<br /><br /><a href="https://seekingalpha.com/article/4359034-asset-growth-predict-stock-returns" target="_blank">Does asset growth predict stock returns?</a> by Larry Swedroe, seekingalpha.com, July 17, 2020<br /><br /><a href="http://cn.ft.com/story/001088452" target="_blank">Most "smart betas" are not smart</a>, by Zhijian Wu, in Chinese, FTChinese, July 9, 2020<br /><br /><a href="https://www.marketwatch.com/story/here-are-your-odds-the-stock-market-will-be-higher-on-dec-31-2020-06-30?mod=mw_latestnews" target="_blank">Opinion: Here are your odds the stock market will be higher on Dec. 31</a>, by Mark Hulbert, MarketWatch.com, June 30, 2020<br /><br /><a href="https://alphaarchitect.com/2020/06/11/5-surprising-things-we-learned-from-a-factor-investing-expert/" target="_blank">5 surprising things we learned from a factor investing expert</a>, by Wesley Gray, alpha architect blog, June 11, 2020<br /><br /><a href="https://www.advisorperspectives.com/articles/2020/03/16/new-research-to-identify-which-stocks-will-crash" target="_blank">New research to identify which stocks will "crash,"</a>
191 by Larry Swedroe, Advisor Perspectives, March 16, 2020<br /><br /><a href="https://www.sr-sv.com/the-q-factor-model-for-equity-returns/" target="_blank">The <em>q</em>-factor model for equity returns</a>, by Ralph Sueppel, Systemic Risk and Systematic Value, January 25, 2020<br /><br /><a href="https://marginalrevolution.com/marginalrevolution/2019/12/another-take-on-q-factors-and-investment-capm.html" target="_blank">Another take on <em>q</em>-factors and investment CAPM</a>, by Tyler Cowen, Marginal Revolution, December 14, 2019<br /><br /><a href="https://marginalrevolution.com/marginalrevolution/2019/12/q-factors-and-investment-capm.html" target="_blank"><em>q</em>-factors and investment CAPM</a>, by Tyler Cowen, Marginal Revolution, December 13, 2019<br /><br /><a href="https://www.ifa.com/articles/investment_premium_factor/" target="_blank">The investment premium: Another factor of expected returns</a>, by Murray Coleman, Index Fund Advisors, December 3, 2019<br /><br /><a href="https://alphaarchitect.com/2019/11/14/the-investment-factor-and-expected-returns/" target="_blank">The investment factor and expected returns</a>, by Larry Swedroe, alpha architect blog, November 14, 2019<br /><br /><a href="https://alphaarchitect.com/2019/11/12/investment-expected-investment-and-expected-stock-returns/" target="_blank">Investment, expected investment, and expected stock returns</a>, by Lu Zhang, alpha architect blog, November 12, 2019<br /><br />Lu's presentation on &ldquo;<a href="https://www.youtube.com/watch?v=lsVQRAoZCGM&amp;feature=youtu.be" target="_blank">The investment CAPM: Latest developments</a>," Financial Markets and Corporate Decisions Conference 2019, Swedish House of Finance, YouTube video published on August 28, 2019<br /><br /><a href="https://alphaarchitect.com/2019/06/13/does-leverage-explain-the-investment-premium%EF%BB%BF/" target="_blank">Does leverage explain the investment premium?</a> by Larry Swedroe, alpha architect blog, June 13, 2019<br /><br />
191<a href="https://www.institutionalinvestor.com/article/b1f9lnbx5zp1t3/The-Mystery-of-the-Missing-Berkshire-Hathaway-Invite" target="_blank">The mystery of the missing Berkshire Hathaway invite</a>, by Richard Teitelbaum, Institutional Investor, May 7, 2019<br /><br /><a href="https://alphaarchitect.com/2019/05/02/deep-dive-into-the-value-factor%EF%BB%BF/" target="_blank">Deep dive into the value factor</a>, Larry Swedroe, alpha architect blog, May 2, 2019<br /><br /><a href="https://seekingalpha.com/article/4256927-3-tips-to-generate-alpha-in-smaller-stocks" target="_blank">3 tips to generate alpha in smaller stocks</a>, Kurtis Hemmerling, Seeking Alpha, April 25, 2019<br /><br /><a href="http://blog.validea.com/five-questions-an-academic-look-at-factors-with-lu-zhang/" target="_blank">Five questions: An academic look at factors with Lu Zhang</a>, Validea's Guru Investor Blog, April 21, 2019, <a href="https://www.etftrends.com/smart-beta-channel/five-questions-an-academic-look-at-factors-with-lu-zhang/amp/" target="_blank">ETF trends</a>, <a href="https://www.foxbusiness.com/markets/five-questions-an-academic-look-at-factors-with-lu-zhang" target="_blank">Fox Business</a>, April 24, 2019<br /><br /><a href="https://www.etf.com/sections/index-investor-corner/swedroe-understanding-investment-factor?nopaging=1" target="_blank">Understanding the investment factor</a>, ETF.com, by Larry Swedroe, February 6, 2019<br /><br /><a href="http://revfin.org/which-factors/" target="_blank">Which factors?</a> by Amit Goyal, Review of Finance Managing Editor's Blog, February 5, 2019<br /><br /><a href="http://blog.validea.com/five-questions-multi-factor-investing-with-liqian-ren/" target="_blank">Five questions: Multi-factor investing with Liqian Ren</a>, Validea's Guru Investor Blog,&nbsp;January 14, 2019<br /><br /><a href="https://onwallstreet.financial-planning.com/articles/professor-has-some-questions-about-your-index-funds-nir-kaissar" target="_blank">Voices: An unflattering truth about index funds</a>, by Nir Kaissar, financial-planning.com, December 26, 2018<br /><br /><span><a href="https://www.bloomberg.com/opinion/articles/2018-12-24/professor-lu-zhang-has-some-questions-about-your-index-funds" target="_blank"><span><font color="#0000ff">Professor has some questions about your index funds</font></span></a>, </span>Bloomberg, <span>by Nir Kaissar, December 24, 2018<br /><br /><a href="https://blogs.wsj.com/experts/2018/12/19/how-to-best-invest-in-small-stocks/" target="_blank">How to best invest in small stocks</a>, Wall Street Journal, by Wesley Gray, December 19, 2018<br /><br /><a href="https://www.washingtonpost.com/business/on-small-business/these-tools-for-picking-stocks-sometimes-evenwork/2018/12/17/25bbdb2a-01eb-11e9-958c-0a601226ff6b_story.html?utm_term=.7632e822a2d5" target="_blank">These tools for picking stocks sometimes even work</a>, Washington Post, by Nir Kaissar and Noah Smith, December 17, 2018</span><br /><br /><span><a href="https://www.robeco.com/en/insights/2018/09/most-reported-anomalies-fail-to-hold-up.html" target="_blank">Most reported anomalies fail to hold up</a>, Lu's interview with <a href="https://www.robeco.com/en/insights/2018/09/robeco-quarterly-september-2018.html" target="_blank">Robeco Quarterly</a>, September 25, 2018<br /><br /><a href="https://moneyweek.com/489720/value-investing-vs-momentum-investing-watch-out-for-the-markets-mood-swings/" target="_blank">Value investing vs momentum investing: Watch out for the market's mood swings</a>, MoneyWeek.com, by John Stepek, August 6, 2018</span><br /><br /><span><a href="https://alphaarchitect.com/2018/07/25/factor-investing-insights-you-wont-hear-from-fama-and-french/" target="_blank">Factor investing insights you won't hear from Fama and French</a>, Lu's interview with Wesley Gray, alpha architect blog, July 25, 2018</span><br /><br /><a href="https://www.etf.com/sections/index-investor-corner/swedroe-rediscovering-size-effect?nopaging=1" target="_blank">Rediscovering size effect</a><span>, ETF.com, by Larry Swedroe, June 15, 2018</span><br /><br /><span><a href="https://www.barrons.com/articles/factor-investing-customized-for-you-1523057188" target="_blank">Factor investing customized for you</a>, Barron's, by Jack Hough, April 6, 2018<br /><br /><a href="https://alphaarchitect.com/2018/03/20/buybacks-viewed-through-an-alternative-lens-investment/?utm_source=Alpha+Architect+Website+Users&amp;utm_campaign=b752771b28-RSS_EMAIL_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_2f87b7924e-b752771b28-149753501" target="_blank">Stock buybacks are bad? What about the alternative - investment</a>, alpha architect blog, by Jack Vogel, March 20, 2018</span><br /><br /><span><a href="https://www.economist.com/news/finance-and-economics/21736145-age-old-search-magic-market-beating-formula-still-looks" target="_blank">'Factor investing' gains popularity</a>, The Economist, February 1, 2018<br />&nbsp;<br /><a href="https://alphaarchitect.com/2018/01/09/the-value-effect-and-macroeconomic-risk/" target="_blank">The value effect and macroeconomic risk</a>, alpha architect blog, by Larry Swedroe, January 9, 2018<br /><br />
191<a href="https://seekingalpha.com/article/4134132-intro-to-fusion-trading" target="_blank">Intro to fusion trading</a>, by Arun Chopra, SeekingAlpha.com, December 27, 2017<br />&nbsp;<br /><a href="https://www.etf.com/sections/index-investor-corner/swedroe-finding-source-value?nopaging=1" target="_blank">Finding the source of value</a>, by Larry Swedroe, ETF.com, November 29, 2017</span><br /><br /><span><a href="https://blogs.wsj.com/experts/2017/11/05/a-reality-check-on-stock-market-anomalies/" target="_blank">A reality check on stock-market &lsquo;anomalies&rsquo;</a>, by Wesley Gray, The Wall Street Journal, November 5, 2017<br />&nbsp;<br /><a href="http://www.etf.com/sections/index-investor-corner/swedroe-asset-type-matters-factors?nopaging=1" target="_blank">Asset type matters with factors</a>, ETF.com, by Larry Swedroe, October 30, 2017&nbsp;<br />&nbsp;<br /><a href="http://www.valuewalk.com/2017/10/want-learn-factor-investing-read/" target="_blank">Want to learn more about factor investing? Read this</a>, ValueWalk.com, by alpha architect blog, October 26, 2017<br />&nbsp;<br /><a href="https://alphaarchitect.com/2017/10/26/want-to-learn-more-about-factor-investing-read-this/" target="_blank">Factor investing conversation with Lu Zhang</a>, Lu's interview with Wesley Gray, alpha architect blog, October 26, 2017<br />&nbsp;<br /><a href="https://alphaarchitect.com/2017/10/25/takeaways-from-a-non-phd-who-powered-through-a-144-page-factor-investing-paper/" target="_blank">Takeaways from a non-phd who powered through a 144-page factor investing paper</a>, alpha architect blog, by Ryan Kirlin, October 25, 2017<br />&nbsp;</span><br /><span><a href="https://www.wisdomtree.com/blog/2017-10-17/retesting-investment-anomalies-with-dr-lu-zhang" target="_blank">Retesting investment anomalies with Dr. Lu Zhang</a>, by Jeremy Schwartz, wisdomtree.com, October 17, 2017<br />&nbsp;<br /><a href="http://www.valuewalk.com/2017/10/replicating-anomalies/" target="_blank">Replicating anomalies</a>, ValueWalk.com, by alpha architect blog, October 15, 2017<br />&nbsp;<br /><a href="https://soundcloud.com/user-20931378/behind-the-markets-podcast-wesley-gray-dr-lu-zhang" target="_blank">Podcast: Behind the Markets on Wharton Business Radio</a>, hosted by Jeremy Schwartz and Wesley Gray, October 13, 2017<br />&nbsp;<br /><a href="https://alphaarchitect.com/2017/10/13/replicating-anomalies/" target="_blank">Replicating anomalies</a>, alpha architect blog, by Wesley Gray, October 13, 2017<br />&nbsp;<br /><a href="http://www.etf.com/sections/index-investor-corner/swedroe-5-factor-evaluation?nopaging=1" target="_blank">A 5 factor evaluation</a>, ETF.com, by Larry Swedroe, September 25, 2017<br /><br /><a href="http://www.valuewalk.com/timeless-reading/" target="_blank">Value investing: Timeless reading</a>, ValueWalk.com, August 7, 2017</span><br /><span>&nbsp;<br /><a href="https://www.etf.com/sections/index-investor-corner/swedroe-issuing-securities-hurts-returns?nopaging=1" target="_blank">Issuing securities hurts returns</a>, ETF.com, by Larry Swedroe, July 31, 2017<br /><br /><a href="http://hedge.lu/wiki/Replicating_Anomalies" target="_blank">Replicating anomalies</a>, hedge.lu.com, July 3, 2017<br />&nbsp;<br /><a href="http://www.associes-finance.com/attention-aux-fake-strategies-smart-beta-par-bertrand-jacquillat/" target="_blank">Attention aux fake strategies smart beta</a>, Associ&eacute;s en Finance, by </span>Bertrand Jacquillat, <span>in French, June 30, 2017<br />&nbsp;<br /><a href="http://economicsdetective.com/2017/06/replicating-anomalies-financial-markets-hou-xue-zhang/" target="_blank">Replicating anomalies in financial markets with Hou, Xue, and Zhang</a>, The Economics Detective Radio, June 30, 2017<br />&nbsp;<br /><a href="http://realclearagriculture.blogspot.com/2017/06/bursting-big-data-bubblewith-theory.html?m=1" target="_blank">Bursting the big data bubble&hellip; with theory</a>, RealClearAgriculture.com, June 23, 2017<br />&nbsp;<br /><a href="http://trueeconomics.blogspot.com/2017/06/16617-replicating-scientific-research.html" target="_blank">Replicating scientific research: Ugly truth</a>, True Economics, June 16, 2017<br />&nbsp;<br /><a href="https://replicationnetwork.com/2017/06/14/hou-xue-zhang-replication-controversies-in-finance-accounting/" target="_blank">Hou, Xue, and Zhang: Replication controversies in finance and accounting</a>, The Replication Network, June 14, 2017<br />&nbsp;<br /><a href="http://andrewgelman.com/2017/06/10/34765/" target="_blank">Financial anomalies are contingent on being unknown</a>, Statistical Modeling, Causal Inference, and Social Science, by Andrew Gelman, June 10, 2017<br />&nbsp;<br /><a href="https://faculty.iima.ac.in/~jrvarma/blog/index.cgi/Y2017-18/5sigma.html" target="_blank">
191Are markets efficient if you are a particle physicist?</a> Prof. Jayanth R. Varma&rsquo;s Financial Markets Blog, June 7, 2017</span><br /><br /><span><a href="http://www.themoneyillusion.com/?p=32492" target="_blank">One by one, the anti-EMH arguments collapse</a>, TheMoneyIllusion.com, May 25, 2017<br />&nbsp;<br />"<a href="https://www.bloomberg.com/news/videos/2017-05-25/full-show-what-d-you-miss-05-24-video" target="_blank">What&rsquo;d You Miss?</a>" (57:29), Bloomberg, May 24, 2017<br />&nbsp;<br /><a href="https://www.theglobeandmail.com/globe-investor/investment-ideas/a-practical-approach-to-factor-investing/article35092013/" target="_blank">A practical approach to factor-based investing</a>, The Globe and Mail, by John Reese, May 23, 2017<br />&nbsp;<br /><a href="https://www.cxoadvisory.com/subscription-options/?wlfrom=%2F29802%2Fbig-ideas%2Fmost-stock-anomalies-fake-news%2F#more-29802" target="_blank">Most stock anomalies fake news?</a> CXO Advisory, May 23, 2017<br />&nbsp;<br /><a href="http://www.dailyspeculations.com/wordpress/?p=11690" target="_blank">All about microcaps</a>, Daily Speculations, May 23, 2017<br />&nbsp;</span><br /><span><a href="http://www.etf.com/sections/index-investor-corner/swedroe-problems-factor-zoo?nopaging=1" target="_blank">Problems with the factor zoo</a>, by Larry Swedroe, ETF.com, May 19, 2017<br />&nbsp;<br /><a href="https://www.episodeblog.com/2017/05/16/p-hacking-versus-skin-game-can-understanding-incentive-structures-help-us-think-market-efficiency/" target="_blank">P-hacking versus skin in the game: How can understanding incentive structures help us think about market efficiency?</a> Episodeblog.com, Allocationblog.com, May 16, 2017<br /><br /><a href="https://www.fisherinvestments.com/en-us/marketminder/the-indexing-fad" target="_blank">The indexing fad: Market indexes now outnumber US stocks, complicating matters for would-be passive investors</a>, fisherinvestments.com, by Elisabeth Dellinger, May 15, 2017<br />&nbsp;<br /><a href="http://ssrnblog.com/2017/05/15/weekly-top-5-papers-may-15th-2017/" target="_blank">Weekly top 5 papers</a>, The SSRN Blog, May 15, 2017<br />&nbsp;<br /><a href="http://d.hatena.ne.jp/himaginary/20170515/Replicating_Anomalies" target="_blank">P-hacking in anomaly research</a>, </span>himaginary.hatenablog.com<span>, in Japanese, May 15, 2017<br />&nbsp;<br /><a href="http://abetterwaytoretire.com/news/default.aspx?id=18437&amp;ekfxmen_noscript=1&amp;ekfxmensel=eeb11f839_27_83" target="_blank">Most supposed market anomalies don&rsquo;t exist, or are too small to matter</a>, FamilyWealth news, May 15, 2017<br />&nbsp;<br /><a href="https://www.portfolio123.com/mvnforum/viewthread_thread,10551" target="_blank">Which anomalies are legit?</a> Portfolio123.com, May 14, 2017<br />&nbsp;<br />Kicking the tires of market anomalies, by James Mackintosh, The Wall Street Journal, Business &amp; Finance B1-B2, May 12, 2017 [<a href="/uploads/1/2/2/6/122679606/wsjprint.jpg" target="_blank"><u>pdf</u></a>]<br />&nbsp;<br /><a href="https://blogs.wsj.com/moneybeat/2017/05/12/when-researchers-and-investors-walk-into-a-bar-the-investors-get-hammered/?from=timeline&amp;isappinstalled=0" target="_blank">When researchers and investors walk into a bar, the investors get hammered</a>, by Jason Zweig, The Wall Street Journal, May 12, 2017<br />&nbsp;<br /><a href="http://www.etf.com/sections/index-investor-corner/swedroe-active-manager-lags-despite-research?nopaging=1" target="_blank">Active manager lags despite research</a>, by Larry Swedroe, ETF.com, May 12, 2017<br />&nbsp;<br /><a href="https://www.bogleheads.org/forum/viewtopic.php?t=218694" target="_blank">WSJ: Most market anomalies academics have identified don&rsquo;t exist</a>, Bogleheads.org, May 11, 2017<br />&nbsp;<br /><a href="https://www.wsj.com/articles/an-algorithm-an-etf-and-an-academic-study-walk-into-a-bar-1494528113?mod=e2fb" target="_blank">An algorithm, an ETF and an academic study walk into a bar</a>, by James Mackintosh, The Wall Street Journal, May 11, 2017<br />&nbsp;<br /><a href="https://www.bloomberg.com/view/articles/2017-05-11/ivory-tower-wonks-help-traders-make-a-quick-buck" target="_blank">Ivory tower wonks help traders make a quick buck</a>, by Noah Smith, Bloomberg, May 11, 2017<br />&nbsp;<br /><a href="https://www.capitalspectator.com/cleaning-out-the-factor-zoo/" target="_blank">Cleaning out the factor zoo</a>, by James Picerno, The Capital Spectator, May 11, 2017, Investing.com, May 11, 2017, Seeking Alpha, May 12, 2017<br />&nbsp;<br /><a href="https://www.iexprofs.nl/Nieuws/263582/Beleggingstrends/Helft-anomalien-is-fantasie-van-de-ontdekkers.aspx" target="_blank">Half anomalies are fantasy of the discoverers</a>, IEXProfs, in Dutch, May 11, 2017<br />&nbsp; </span><br /><span><a href="https://www.bogleheads.org/forum/viewtopic.php?t=218610" target="_blank">Do you think behavioral anomalies will persist?</a> Bogleheads.org, May 10, 2017<br />&nbsp;<br /><a href="http://www.valuewalk.com/2017/05/trading-costs-destroy-factor-investing/" target="_blank">Do trading costs destroy factor investing?</a> ValueWalk.com, by alpha architect blog, May 10, 2017<br />&nbsp;<br /><a href="https://antidismal.blogspot.com/2017/05/how-to-make-trouble.html?m=1" target="_blank">How to make trouble</a>, Anti-Dismal.com, May 9, 2017<br />&nbsp;</span><br /><span><a href="https://www.bloomberg.com/view/articles/2017-05-09/anomalies-pitches-and-promises" target="_blank">Anomalies, pitches, and promises</a>, by Matt Levine, Bloomberg, May 9, 2017<br />&nbsp;<br /><a href="https://www.theglobeandmail.com/globe-investor/investment-ideas/research-paper-says-most-market-anomalies-are-imaginary/article34930912/" target="_blank">Research paper says most market anomalies are imaginary</a>, by Eric Weiner, The Globe and Mail, May 9, 2017&nbsp;<br />&nbsp;<br /><a href="https://www.bloombergquint.com/markets/2017/05/08/forget-factors-paper-says-most-market-anomalies-are-imaginary" target="_blank">Forget factors, paper says most market anomalies are imaginary</a>, by Eric Weiner, Bloomberg, May 9, 2017<br />&nbsp;<br /><a href="https://www.bloomberg.com/news/articles/2017-05-08/forget-factors-paper-says-most-market-anomalies-are-imaginary" target="_blank">A new paper just took a huge shot at some of the world&rsquo;s hottest investments</a>, by Eric Weiner, Bloomberg, May 8, 2017&nbsp;<br /><br /><a href="http://marginalrevolution.com/marginalrevolution/2017/05/market-anomalies-fail-replicate.html?utm_source=hs_email&amp;utm_medium=email&amp;utm_content=51752269&amp;_hsenc=p2ANqtz-9xa5ftB2b1rl4ehguRdNgX-tmVczB_PCr2EVfzXrzf4MxO8QNZP9eebM3AycwFU1ExYKWLF2L4MrC" target="_blank">Market anomalies fail to replicate</a>, MarginalRevolution.com, May 8, 2017<br />&nbsp;</span><br /><span><a href="https://alphaarchitect.com/2017/02/03/factor-models-are-more-art-and-less-science/" target="_blank">Factor investing is more art, and less science</a>, by Wesley Gray, alpha architect blog, February 3, 2017&nbsp;<br />&nbsp;<br /><a href="http://thebamalliance.com/blog/a-new-four-factor-investing-model/" target="_blank">A new four-factor investing model</a>, by Larry Swedroe, BAM Intelligence, June 22, 2016&nbsp;<br />&nbsp;</span><span>&nbsp; </span><br /><span><a href="http://www.etf.com/sections/index-investor-corner/swedroe-battle-new-factor-models?nopaging=1" target="_blank">Battle of new factor models</a>, by Larry Swedroe, ETF.com, August 7, 2015<br />&nbsp;<br /><a href="http://www.aaii.com/journal/article/is-outperforming-the-market-alpha-or-beta.touch" target="_blank">Is outperforming the market alpha or beta?</a>
191 by Larry Swedroe and Andrew Berkin, The AAII Journal, American Association of Individual Investors, June 2015&nbsp;<br /><br /><a href="https://www.etf.com/sections/features-and-news/lighter-side-profitability-factor?nopaging=1" target="_blank">The lighter side of the profitability factor</a>, ETF.com, by Wesley Gray, June 16, 2015<br />&nbsp;<br /><a href="https://alphaarchitect.com/2015/06/10/using-profitability-factor-perhaps-think-twice/" target="_blank">Using profitability as a factor? Perhaps you should think twice&hellip;</a>, by Wesley Gray, alpha architect blog, June 10, 2015&nbsp;&nbsp;<br />&nbsp;<br /><a href="http://www.etf.com/sections/index-investor-corner/23991-swedroe-passive-investings-foundations.html?fullart=1&amp;start=5" target="_blank">Passive investing&rsquo;s foundations</a>, by Larry Swedroe, ETF.com, December 8, 2014&nbsp;<br />&nbsp;<br /><a href="https://blog.oup.com/2014/11/estimating-stock-returns/" target="_blank">A new benchmark model for estimating expected stock returns</a>, Oxford University Press, by Kewei Hou, Chen Xue, and Lu Zhang, November 12, 2014&nbsp;<br />&nbsp;<br /><a href="https://alphaarchitect.com/2014/11/07/stock-anomaly-smorgasbord-wow/" target="_blank">Stock anomaly smorgasbord -- Wow!</a> by Wesley Gray, alpha architect blog, November 7, 2014&nbsp;<br />&nbsp;<br /><a href="http://www.etf.com/sections/index-investor-corner/21589-swedroe-improving-on-fama-french-factors.html" target="_blank">Improving on Fama-French</a>, by Larry Swedroe, ETF.com, March 21, 2014&nbsp;<br />&nbsp;<br /><a href="https://www.bogleheads.org/forum/viewtopic.php?t=103827" target="_blank">Challenge to the Fama French three factor model</a>, Bogleheads.org, October 6, 2012</span><br /><br /><br /><br /><br /></div>
192			</div>
193		</div>
194      </div>
195
196	</div>
197</div>
198
199</div>
200
201    </div>
202
203    <div class="footer-wrap">
204      <div class="container">
205        <div class="footer"><div class='wsite-elements wsite-footer'>
206<div><div class="wsite-multicol"><div class="wsite-multicol-table-wrap" style="margin:0 -15px;">
207	<table class="wsite-multicol-table">
208		<tbody class="wsite-multicol-tbody">
209			<tr class="wsite-multicol-tr">
210				<td class="wsite-multicol-col" style="width:50%; padding:0 15px;">
211					
212						
213
214<div class="wsite-spacer" style="height:50px;"></div>
215
216
217					
218				</td>				<td class="wsite-multicol-col" style="width:50%; padding:0 15px;">
219					
220						
221
222<div class="wsite-spacer" style="height:50px;"></div>
223
224
225					
226				</td>			</tr>
227		</tbody>
228	</table>
229</div></div></div></div></div>
230      </div>
231    </div>
232  </div>
233
234  <div class="nav mobile-nav">
235    <a class="hamburger" aria-label="Menu" href="#"><span></span></a>
236    <ul class="wsite-menu-default">
237    		<li id="pg216212010823495201" class="wsite-menu-item-wrap">
238    			<a
239    						href="/"
240    				class="wsite-menu-item"
241    				>
242    				Home
243    			</a>
244    			
245    		</li>
246    		<li id="pg985478175978406014" class="wsite-menu-item-wrap">
247    			<a
248    						href="/factors.html"
249    				class="wsite-menu-item"
250    				>
251    				Factors
252    			</a>
253    			
254    		</li>
255    		<li id="pg358815547719150431" class="wsite-menu-item-wrap">
256    			<a
257    						href="/testingportfolios.html"
258    				class="wsite-menu-item"
259    				>
260    				Testing Portfolios
261    			</a>
262    			
263    		</li>
264    		<li id="active" class="wsite-menu-item-wrap">
265    			<a
266    						href="/background.html"
267    				class="wsite-menu-item"
268    				>
269    				Background
270    			</a>
271    			
272    		</li>
273    </ul>
274  </div>
275
276
277  
277<script type="text/javascript" src="/files/theme/plugins.js?1703014541"></script>
277
278  
278<script type="text/javascript" src="/files/theme/custom.js?1703014541"></script>
278
279    <div id="customer-accounts-app"></div>
280    
280<script src="//cdn2.editmysite.com/js/site/main-customer-accounts-site.js?buildtime=1785424712"></script>
280
281
282		
283
284	</body>
285</html>

Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.