By Fama E.F., French K.R.

Past paintings exhibits that commonplace returns on universal shares are relating to company features like measurement, earnings/price, money flow/price, book-to-market fairness, previous revenues progress, long term previous go back, and non permanent earlier go back. simply because those styles in standard returns it seems that usually are not defined via the CAPM, they're known as anomalies. we discover that, with the exception of the continuation of non permanent returns, the anomalies mostly disappear in a three-factor version. Our effects are in step with rational ICAPM or APT asset pricing, yet we additionally ponder irrational pricing and information difficulties as attainable reasons.

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