Note(s): This table reports the pairwise correlations between the coefficients estimated from the original FF3 model and those from the alternative models (FF3_E1, FF3_E3, FF3_E5), which exclude the top market-cap stocks. The variables include α, RM_RF, SMB, HML and adjusted R². Correlations are calculated based on stock-level regression results. Higher correlation values indicate greater structural similarity between the original and alternative models