We estimate conditional multifactor models over a large cross-section of stock returns matching 25 CAPM anomalies …, and intangibles-based anomalies. Yet, there are significant differences in scaled models' performance: HXZ clearly … dominates FF in explaining momentum and profitability anomalies, while the converse holds for value-growth anomalies. Thus, the …

tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against … evidence of anomalies, so that many theories have been developed to explain some anomalies. To address the issue, this paper … reviews the theory and literature on market efficiency and market anomalies. We give a brief review on market efficiency and …