Describe the intuition underlying a the macroeconomic


Describe the intuition underlying: (a) the macroeconomic approach to identifying risk factors, and (b) the microeconomic (i.e., characteristic-based) approach to identifying risk factors. Is it conceptually and practically possible for these two approaches to lead to the same estimate of expected return for any given security?

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Risk Management: Describe the intuition underlying a the macroeconomic
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