Central to both the theoretical and the empirical validity of factor models is the correct specification of the number of factors.- Jushan Bai ✦ Customize This Card SAVE: .PNG .JPG .SVG COPY DESIGN: ✦ EXTREME MIX THEME PATTERN FRAME CUSTOM BG: UPLOAD IMAGE ✕ CLEAR DIM: FONT: Playfair Display Cinzel Royal Cormorant EB Garamond Lora Editorial Merriweather Baskerville Roboto Slab Montserrat Raleway Oswald Bold Lato Clean Great Vibes Dancing Script Pacifico Caveat Brush Amatic SC RATIO: Auto Fit 4:5 Portrait 1:1 Square 5:4 Classic 16:9 Wide 9:16 Story 3:4 Poster RES: 1x Standard 2x HD (1080p) 3x Ultra (4K) 4x Extreme Print BG PAT TEXT FRAME Central to both the theoretical and the empirical validity of factor models is the correct specification of the number of factors.- Jushan Bai