-to-market, and momentum.Second, we use this data set to perform asset pricing tests for the German equity market.Specifically, we … that the results of asset pricing tests are sensitive to the choice of test assets. …

This paper conducts a comprehensive asset pricing study based on a unique dataset for theGerman stock market. For the … competing asset pricing models the Fama-French 3-factor model does a poor job inexplaining average stock returns. The Carhart 4 …