A Tale of Two Market Returns: The Broad Market Factor and The Idiosyncratic Financial Factor
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We construct a Broad Market Factor (BMF), which is a proxy for the value-weighted equity return on all firms in the US economy (public and private). The BMF differs from the standard Value-weighted Market Factor (VMF), which reflects the value-weighted equity return on public firms. We define the
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美国国家经济研究局创建时间：
2026-05-01
