This paper is based on the mathematical logic that asset returns being ratios of two consecutive prices are rational functions that cannot be averaged directly in a portfolio to match the average market returns. In this context, we study the Fama-French portfolios for the US markets and report...

We contribute to the research policy literature by pioneering the development of a sufficiently reliable and generically applicable benchmarking approach for research area output quantity and/or quality. In our development, we overcome substantial structural problems such as the ignorance of...