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Alternative approach to characteristics-based investments

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Table 1 shows that the average monthly cross-sectional mean return is 1.2% while its  standard deviation is 14.16%
Table 3 compares the average expected return of the monthly portfolios, computed from  10-year  rolling  slopes,  with  the  average  observed  returns
Table 6 shares the features of Table 5 but for 5, 3 and 1-year rolling windows. It is  relevant to note that, shorter lengths of rolling windows predict negative performances of top  ranking stocks 5  more accurately, mainly during periods of recession

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