...Michael O'Connell Purpose The author examines the impact these efficient factors have on factor model comparison tests in US returns using the Bayesian model scan approach of Chib et al. (2020), and Chib et al.(2022). Design/methodology/approach Ehsani and Linnainmaa (2022...

... model, 3D graphs, GRS test and residual graphs) to test the role of human capital in asset prices. Findings A six-factor model designed for capturing the size, value, profitability, investment and human capital patterns in average portfolio returns performs better than both Fama–French’s (1993...