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The fama and french database is updated monthly relative to the asset universe available in the market at that point in time. The asset universe used in 1973 will not be the same as the one used in December of last year. I would recommend using the five factor model FF(2014) since portfolio theory assumes a linear positive relationship between CAPM beta ...


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In general, it is always better to determine how the FF93 risk exposures are for your data. FF93 use a very comprehensive (read expensive) dataset, therefore it is very likely that your investable universe is different. In the case you're investigating a large stock universe such as the SP500 I would feel comfortable using the FF factors on Ken French's ...



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