Black argues that past risk premiums on firm-characteristic variables, such as those described by Fama and French, are problematic because
A)they may result from data snooping.
B)they are sources of systematic risk.
C)they can be explained by security characteristic lines.
D)they are more appropriate for a single-factor model.

Question

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Black argues that past risk premiums on firm-characteristic variables are problematic because they may result from data snooping.

Black Argues That Past Risk Premiums on Firm-Characteristic Variables, Such