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profits, (b) the five-factor model outperforms their 1993 three-factor model in explaining contrarian profits, and (c) risk … smaller than the one from the five-factor model. Thus, the three-factor model is applied to estimate the risk-adjusted return …. Zero contrarian profits after risk adjustment confirms that they are risk-driven. …
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productive abilities and education. Additionally, the system insures against 48% of lifetime earnings risk. Implementing a …
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