<div dir="ltr"><table class="gmail-x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="0" style="font-variant-numeric:inherit;font-variant-east-asian:inherit;font-stretch:inherit;font-size:14px;line-height:inherit;color:rgb(50,49,48);width:405pt"><tbody><tr style="height:22.5pt"><td style="padding:0cm;height:22.5pt"><div align="center" style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:inherit"><table class="gmail-x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="font:inherit;width:540px"><tbody><tr style="height:23.25pt"><td style="padding:0cm;height:23.25pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><b><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:18pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(192,0,38)">Data Science</span></b><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:1pt;line-height:inherit;font-family:"Times New Roman",serif;vertical-align:baseline;color:inherit"></span></p></td><td width="1" style="width:0.75pt;padding:0cm;height:23.25pt"><p class="gmail-x_MsoNormal" align="center" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif;text-align:center"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:1pt;line-height:inherit;font-family:"Times New Roman",serif;vertical-align:baseline;color:inherit"> </span></p></td><td style="padding:0cm;height:23.25pt"><p class="gmail-x_MsoNormal" align="center" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif;text-align:center"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:1pt;line-height:inherit;font-family:"Times New Roman",serif;vertical-align:baseline;color:inherit"> </span></p></td><td width="1" style="width:0.75pt;padding:0cm;height:23.25pt"><p class="gmail-x_MsoNormal" align="center" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif;text-align:center"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:1pt;line-height:inherit;font-family:"Times New Roman",serif;vertical-align:baseline;color:inherit"> </span></p></td><td width="189" style="width:5cm;padding:0cm;height:23.25pt"><p class="gmail-x_MsoNormal" align="center" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif;text-align:center"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:1pt;line-height:inherit;font-family:"Times New Roman",serif;vertical-align:baseline;color:inherit"> </span></p></td></tr></tbody></table></div><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:inherit;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(192,0,38)">Academic Seminar</span><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:12pt;line-height:inherit;font-family:inherit;vertical-align:baseline;color:inherit"></span></p></td></tr><tr style="height:22.5pt"><td style="padding:0cm;height:22.5pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><b style="font-family:"Times New Roman",serif;font-size:12pt"><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:13pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:inherit">Bayesian Selection of Asset Pricing Factors Using Individual Stocks</span></b></p><p style="margin:0cm 0cm 0.0001pt;font-size:12pt;font-family:"Times New Roman",serif"></p></td></tr><tr><td style="padding:0cm"><p style="margin-right:0cm;margin-left:0cm;font-size:12pt;font-family:"Times New Roman",serif"><strong><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:11.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(51,51,51)">Speaker:</span></strong><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:11.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(51,51,51)"> <a href="https://www.ieseg.fr/en/faculty-and-research/professor/?id=2851" target="_blank" rel="noopener noreferrer" style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:rgb(5,99,193)">Alexandre Rubesam</a><br><strong><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:inherit;line-height:inherit;vertical-align:baseline;color:inherit">University:</span></strong></span><b><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:inherit"> </span></b><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:11.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(51,51,51)"><a href="https://www.ieseg.fr/en/" target="_blank" rel="noopener noreferrer" style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:rgb(5,99,193)">IESEG School of Management</a></span><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:11.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(51,51,51)"></span></p><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif;text-align:justify"><span lang="EN-US" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:11.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:rgb(51,51,51)">We apply Bayesian variable selection to investigate linear factor asset pricing models for a large set of candidate factors identified in the literature. We extract model and factor posterior probabilities from thousands of individual stocks via Markov Chain Monte Carlo estimation together with the exact distribution of pricing statistics. Our results show that only a small number of factors are relevant and, except for the market and size factors, these are not the factors in widely used linear factor models such as Fama and French (2015, Journal of Financial Economics 116, 1–22) or Hou et al. (2015, The Review of Financial Studies 28, 650–705). Moreover, many different linear factor models achieve similar empirical performance, suggesting that the search for a single linear factor model is unlikely to yield a definitive answer.</span></p></td></tr><tr style="height:22.5pt"><td style="padding:0cm;height:22.5pt"></td></tr><tr style="height:22.5pt"><td style="padding:0cm;height:22.5pt"><table class="gmail-x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="0" style="font:inherit;width:322.7pt"><tbody><tr style="height:29.1pt"><td width="39" style="width:28.95pt;padding:0cm;height:29.1pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><span style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:inherit"><img src="https://attachments.office.net/owa/HedibertFL%40insper.edu.br/service.svc/s/GetAttachmentThumbnail?id=AAMkADRkMDk4OTE1LWViN2EtNDJkNC1hM2NhLTUxNjc1OWU1MzdjYgBGAAAAAADwEVam7r3zRo7jFvOUT8IiBwA3jqWJUK89Q4ecVaBvEfQgA7OvG3djAAC4SEHToe3uRbAm6csIcc7bAAQfx2vMAAABEgAQAJeDoqijJd1CvDZW6Ft3qG4%3D&thumbnailType=2&token=eyJhbGciOiJSUzI1NiIsImtpZCI6IjMwODE3OUNFNUY0QjUyRTc4QjJEQjg5NjZCQUY0RUNDMzcyN0FFRUUiLCJ0eXAiOiJKV1QiLCJ4NXQiOiJNSUY1emw5TFV1ZUxMYmlXYTY5T3pEY25ydTQifQ.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.AxsqUKUqoKKObn-Ja37-IcWhzt9_0qLjcyjohwWtX4HDvegKNvKMYTLnxM7MiaJknZFC_b7cYnxZBb5EZoS0waIzaMRf1IkgufxwhHMHi3PjKT2pLepn2iggX-2y8bQj-cCVvQz1qcG5XegoIdv37ErFkYO34Lj5_hK24Dld8zxsioaxhSWvubAeYShFzVHHV1ZsLfi6jvFbiI2h4kTTxz6N7eXp_fbWpjarQmHJ-NnTYd24-xVCGFFqIklCycqEqPkZfncNdLCyUVBvdRH2OvJnSgxqeExPfb4GGeAgWVle0ScEGoFpTUA7x04PM-153TaAaVpLqkvornWSQ9gqmg&X-OWA-CANARY=FsqacRBHp0u9cx59mXgQaBB0a5v8yNgYJ-UhDVMiNB1dNjXo09Jd3eMw8j4Ad-TiiDwtzlTP_hA.&owa=outlook.office.com&scriptVer=20210125001.10&animation=true" border="0" width="21" height="22" id="gmail-x_Imagem_x0020_10" alt="Ícone Data" style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: inherit; width: 0.2187in; height: 0.2291in;"></span><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:12pt;line-height:inherit;font-family:inherit;vertical-align:baseline;color:inherit;background:yellow"></span></p></td><td width="392" style="width:293.7pt;padding:0cm;height:29.1pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:10.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:inherit">February/04<span style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:black">/2020</span></span></p></td></tr><tr style="height:29.1pt"><td style="padding:0cm;height:29.1pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><span style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:inherit"><img src="https://attachments.office.net/owa/HedibertFL%40insper.edu.br/service.svc/s/GetAttachmentThumbnail?id=AAMkADRkMDk4OTE1LWViN2EtNDJkNC1hM2NhLTUxNjc1OWU1MzdjYgBGAAAAAADwEVam7r3zRo7jFvOUT8IiBwA3jqWJUK89Q4ecVaBvEfQgA7OvG3djAAC4SEHToe3uRbAm6csIcc7bAAQfx2vMAAABEgAQAJxfYtV42nROilmCrtLBsBM%3D&thumbnailType=2&token=eyJhbGciOiJSUzI1NiIsImtpZCI6IjMwODE3OUNFNUY0QjUyRTc4QjJEQjg5NjZCQUY0RUNDMzcyN0FFRUUiLCJ0eXAiOiJKV1QiLCJ4NXQiOiJNSUY1emw5TFV1ZUxMYmlXYTY5T3pEY25ydTQifQ.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.AxsqUKUqoKKObn-Ja37-IcWhzt9_0qLjcyjohwWtX4HDvegKNvKMYTLnxM7MiaJknZFC_b7cYnxZBb5EZoS0waIzaMRf1IkgufxwhHMHi3PjKT2pLepn2iggX-2y8bQj-cCVvQz1qcG5XegoIdv37ErFkYO34Lj5_hK24Dld8zxsioaxhSWvubAeYShFzVHHV1ZsLfi6jvFbiI2h4kTTxz6N7eXp_fbWpjarQmHJ-NnTYd24-xVCGFFqIklCycqEqPkZfncNdLCyUVBvdRH2OvJnSgxqeExPfb4GGeAgWVle0ScEGoFpTUA7x04PM-153TaAaVpLqkvornWSQ9gqmg&X-OWA-CANARY=FsqacRBHp0u9cx59mXgQaBB0a5v8yNgYJ-UhDVMiNB1dNjXo09Jd3eMw8j4Ad-TiiDwtzlTP_hA.&owa=outlook.office.com&scriptVer=20210125001.10&animation=true" border="0" width="21" height="21" id="gmail-x_Imagem_x0020_9" alt="Ícone Hora" style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline; color: inherit; width: 0.2187in; height: 0.2187in;"></span></p></td><td style="padding:0cm;height:29.1pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><strong><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:normal;font-stretch:inherit;font-size:10.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:black">12</span></strong><strong><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:normal;font-stretch:inherit;font-size:10.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:inherit">pm<span style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:black"> de Sao Paulo, Brazil (UTC/GMT -03:00)</span></span></strong><b><span style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;font-size:10.5pt;line-height:inherit;font-family:Verdana,sans-serif;vertical-align:baseline;color:inherit"></span></b></p></td></tr><tr style="height:29.1pt"><td style="padding:0cm;height:29.1pt"><p class="gmail-x_MsoNormal" style="margin:0cm 0cm 0.0001pt;font-size:11pt;font-family:Calibri,sans-serif"><span style="margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;color:inherit"><img src="https://attachments.office.net/owa/HedibertFL%40insper.edu.br/service.svc/s/GetAttachmentThumbnail?id=AAMkADRkMDk4OTE1LWViN2EtNDJkNC1hM2NhLTUxNjc1OWU1MzdjYgBGAAAAAADwEVam7r3zRo7jFvOUT8IiBwA3jqWJUK89Q4ecVaBvEfQgA7OvG3djAAC4SEHToe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ColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small">Phone: +55 11 4504-2343</span><br style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><span style="color:rgb(0,0,0);font-family:Calibri,Arial,Helvetica,sans-serif,"Apple Color Emoji","Segoe UI Emoji",NotoColorEmoji,"Segoe UI Symbol","Android Emoji",EmojiSymbols;font-size:small"><a href="http://www.hedibert.org" target="_blank">www.hedibert.org</a></span><br></div></div></div>