7. A potential difference between macroeconomic factor models and fundamental factor models
is that:
A. macroeconomic factor models explain past returns whereas fundamental factor models
explain expected return.
B. macroeconomic factor models use regression to estimate sensitivities whereas
fundamental factor models do not use regression.
C. in macroeconomic models the factor is stated as a surprise whereas in fundamental factor
models the factor is stated as a return.
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