---
title: Expanding the Fama–French Factor Model with the Industry Beta
url: https://www.ml-quant.com/papers/ssrn/4528675/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4528675
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4528675
featured: 2023-08-02
citations: 0
topic: Asset Pricing & Factors
---


# Expanding the Fama–French Factor Model with the Industry Beta

The news-based stock pricing model (NBSPM) performs better than the five-factor Fama-French model (FF5M) for US equity sector ETFs, but adding industry beta to FF5M improves its accuracy, though not as much as NBSPM.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4528675
- Identifier: SSRN 4528675
- Released: 2023-08-01
- First featured: Quant Letter No. 10 (2023-08-02): https://www.ml-quant.com/issues/2023-08-02/
- Citations (Semantic Scholar): 0
- Published in: not yet
- Topic: Asset Pricing & Factors

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