In this paper, we empirically test a new model with the data of US services sector,
which is an extension of the 5-factor model in Fama and French (2015) [1].
3 types of 5 factors (Global, North American and US) are compared. Empirical
results show the Fama-French 5 factors are still alive! The new model has better
in-sample fit than the 5-factor model in Fama and French (2015).
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