Assignment:
The model of Daniel et al. (1997) controls for risk by creating characteristic-based benchmark portfolios. Similar to the Carhart (1999) model, the model uses size, book to market, and momentum as characteristics. Discuss the advantages and disadvantages of using the model developed by Daniel et al. versus Carhart.
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.