I am currently writing my thesis using the Carhart Four-Factor Model. I got my results but I am not sure how to word them.
Coefficient on my SMB is 0.22. Wording: if small companies returns are 1% over that of amall companies in a given month, my portfolio's return is expected to increase with 0.22%.
This feels like a really poor explanation because it's not just small-big but I don't know how to word it properly. The same for the HML and UMD factors. If someone could give insight that would be great.
Thanks in advance