The model of daniel et al 1997 controls for risk by, Mechanical Engineering

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The model of daniel et al 1997 controls for risk by

Question: 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.

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