Virtually all journal articles in the factor investing literature make associational claims, instead of causal claims … differentiates between type-A and type-B spurious claims, and explains how both types prevent factor investing from advancing beyond … its current phenomenological stage. It analyzes the current state of causal confusion in the factor investing literature …

framework. Bottom-up versus top-down factor investing is typically discussed using the assumption that all characteristics are … perspective provides a theoretical motivation for factor investing and helps to compare the bottom-up and top-down approach with …