Carhart four-factor model
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Adds a momentum factor (UMD) to the Fama-French three factors; widely used for fund performance.
LaTeX: R_{it} - R_{ft} = \alpha_i + b_i\,\mathit{MKT}_t + s_i\,\mathit{SMB}_t + h_i\,\mathit{HML}_t + m_i\,\mathit{UMD}_t + \varepsilon_{it}
Key findings
- Carhart four-factor model was mentioned in 8 papers in the last 30 days (2026-09-27 to 2026-10-26), ranking #70 of the 104 equations and models mentioned.
- By journal category: Finance (5), Management (2) and Economics (1).
- Most of them appeared in Journal of Financial Economics (2), International Review of Economics & Finance (2) and Financial markets and portfolio management (1).
- Often mentioned together with Fama-French five-factor model (5), Capital asset pricing model (CAPM) (4) and Ordinary least squares (OLS) (3).
- Datasets named in the same papers: CRSP (4), S&P 500 (2) and Refinitiv Datastream (1).