---
title: "Carhart four-factor model: formula and 8 recent papers"
description: "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."
url: https://scholar4ai.com/equations/carhart-four-factor-model
markdown_url: https://scholar4ai.com/equations/carhart-four-factor-model.md
license: CC BY-NC 4.0 (https://creativecommons.org/licenses/by-nc/4.0/)
data_url: https://scholar4ai.com/data/rankings.json
updated: 2026-10-26T13:22:50+09:00
window: 2026-09-27 to 2026-10-26
source: OpenAlex (CC0)
---

# Carhart four-factor model

$$
R_{it} - R_{ft} = \alpha_i + b_i\,\mathit{MKT}_t + s_i\,\mathit{SMB}_t + h_i\,\mathit{HML}_t + m_i\,\mathit{UMD}_t + \varepsilon_{it}
$$

Adds a momentum factor (UMD) to the Fama-French three factors; widely used for fund performance.

- area: Asset pricing and risk
- 2 papers in the last 7 days
- Names searched for: Carhart four-factor, Carhart 4-factor, Carhart model, four-factor model

Back to the ranking: https://scholar4ai.com/rankings/equations.md

## 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).
- From Apr 2024 to Sep 2026, 9 archived papers mentioned Carhart four-factor model in their title, abstract or keywords, most of them in Dec 2024 (3).

## Mentions over 30 months

*Papers mentioning it by publication month, Apr 2024 to Sep 2026 (titles, abstracts and keywords)*

| Trend | Apr 24–Sep 24 | Oct 24–Sep 25 | Oct 25–Sep 26 | 30 months |
|---|---:|---:|---:|---:|
|  | 1 | 7 | 1 | 9 |

*Papers mentioning Carhart four-factor model, newest first.*

| Date | Title | Journal | Authors | Affiliations |
|---|---|---|---|---|
| 2026-10-23 | [From pixels to profits: trading arbitrage portfolios based on image representations](https://doi.org/10.1007/s11408-026-00507-x) | [Financial markets and portfolio management](https://scholar4ai.com/journals/financial-markets-and-portfolio-management.md) | Niklas Paluszkiewicz | Universität Ulm |
| 2026-10-22 | [Do long-term yields help to estimate short-term risk premia?](https://doi.org/10.1016/j.jfineco.2026.104386) | [Journal of Financial Economics](https://scholar4ai.com/journals/journal-of-financial-economics.md) | Andrea Berardi, Roger Brown, Stephen M. Schaefer |  |
| 2026-10-14 | [Explaining the cross-section of Japanese equity returns using equi-correlation structures and component selection](https://doi.org/10.1016/j.iref.2026.105957) | [International Review of Economics & Finance](https://scholar4ai.com/journals/international-review-of-economics-finance.md) | Takayuki Morimoto, Yohji Akama, Yoshinori Kawasaki |  |
| 2026-10-06 | [Chronologically consistent large language models](https://doi.org/10.1016/j.jfineco.2026.104374) | [Journal of Financial Economics](https://scholar4ai.com/journals/journal-of-financial-economics.md) | Songrun He, Linying Lv, Asaf Manela et al. | Chinese University of Hong Kong; Washington University in St. Louis; University of Iowa |
| 2026-10-01 | [On the number of high-frequency surprise factors in U.S. monetary policy](https://doi.org/10.1016/j.econlet.2026.113296) | [Economics Letters](https://scholar4ai.com/journals/economics-letters.md) | Roland von Campe | Helmut Schmidt University |
| 2026-10-01 | [Dynamic factor loadings and portfolio return prediction: Evidence from deep sequence models](https://doi.org/10.1016/j.iref.2026.105909) | [International Review of Economics & Finance](https://scholar4ai.com/journals/international-review-of-economics-finance.md) | Viktor Manahov, Zihao Hou, Dimitrios Stafylas |  |
| 2026-10-01 | [CEO Inherited Altruism, Firm Corporate Social Responsibility, and Shareholder Returns](https://doi.org/10.1007/s10551-026-06475-6) | [Journal of Business Ethics](https://scholar4ai.com/journals/journal-of-business-ethics.md) | Miriam Marra, Jing Ruan, Lisa Schopohl et al. | ICMA Centre; University of Reading; KIMEP University; … |
| 2026-09-30 | [The duality of playful work design: A diary study of designing fun and competition](https://doi.org/10.1016/j.jbusres.2026.116566) | [Journal of Business Research](https://scholar4ai.com/journals/journal-of-business-research.md) | Arnold B. Bakker, Jørn Hetland, Yuri S. Scharp et al. | University of Ljubljana; Lingnan University; University of Johannesburg; … |

## Cite this page

Scholar4AI. (2026). Carhart four-factor model. Journal Research Rankings. Retrieved October 26, 2026, from https://scholar4ai.com/equations/carhart-four-factor-model

```bibtex
@misc{scholar4ai-equations-carhart-four-factor-model,
  author = {{Scholar4AI}},
  title = {Carhart four-factor model},
  year = {2026},
  howpublished = {\url{https://scholar4ai.com/equations/carhart-four-factor-model}},
  urldate = {2026-10-26},
  note = {Journal Research Rankings; data from OpenAlex (CC0); licensed CC BY-NC 4.0}
}
```

License: CC BY-NC 4.0 (https://creativecommons.org/licenses/by-nc/4.0/).