Virtually all journal articles in the factor investing literature make associational claims, in
denial of the causal content of factor models. Authors do not identify the causal graph …

Recent progress in causal inference has opened a path, however difficult, for advancing
financial economics beyond its current phenomenological stage. This article proposes a …

Virtually all journal articles in the factor investing literature make associational claims,
instead of causal claims. Authors do not identify the causal graph consistent with the …

Recent progress in causal inference has opened a path, however difficult, for advancing
financial economics beyond its current phenomenological stage. The goal of this article is to …

Identifying profitable investment strategies has been a long-standing challenge for finance
practitioners. The optimal number of clusters (ONC) algorithm is a reliable tool used to …