, book-to-market equity ratio, profitability, and investment, which outperforms the Fama-French Three-Factor Model in their …-French Three-Factor Model, the presence of profitability and investment factors seem not to capture more variations of expected … profitability. Conclusions: Profitability and investment factors do not have much additional explanatory power, and Fama-French Five …

markets with particular reference to Nigeria. Beta is a major component of the capital Asset Pricing Model (CAPM) used in the … on equities traded in our markets in order to guide investors in making investment decisions. Therefore we calculated … the (historical) betas of the listed banks in Nigeria.The paper discovered that the most volatile banking stock during the …