Yamaichi Faculty Fellow, Leonard N. Stern School of Business, New York University. I wish to acknowledge helpful comments of Michael Brennan, Gary Chamberlain, Dolores Conway, Phil Dybvig, Ned Elton, David Fowler, Jon Ingersoll, Shmuel Kandel, Steve Ross, Mike Rothschild, Ravi Shukla, Charles Trzcinka, and especially Jay Shanken, David Mayers (the co-editor), and the referee, as well as the participants of the Empirical Research in the Arbitrage Pricing Theory conference held at the University of Southern California, November 1985. I do not implicate any of these people in the errors that remain.
The Number of Factors in Security Returns
Version of Record online: 30 APR 2012
© 1989 the American Finance Association
The Journal of Finance
Volume 44, Issue 5, pages 1247–1262, December 1989
How to Cite
BROWN, S. J. (1989), The Number of Factors in Security Returns. The Journal of Finance, 44: 1247–1262. doi: 10.1111/j.1540-6261.1989.tb02652.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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