Industry Positions in Characteristic Factors: Risk Without Return
Research Seminar at the School of Economics and Business, Universidad de Navarra (October 29, 2026, Pamplona), hosted by Martin Rode
christoph-reschenhofer
Research Seminar at the School of Economics and Business, Universidad de Navarra (October 29, 2026, Pamplona), hosted by Martin Rode
Sorting on a characteristic buys an industry bet nobody asked for: 18 percent of a factor's variance, 0.3 percent a year. Ranking within industries removes it without estimating a …