In empirical tests of the ZCAPM, is there an explanation for why multifactor models were dominated by

Question:

In empirical tests of the ZCAPM, is there an explanation for why multifactor models were dominated by the ZCAPM? Fama and French (1993, 1995, 2015, 2018) link that multifactor models to Merton’s (1973) intertemporal CAPM and Ross’ (1976) arbitrage pricing theory (APT). Can the ZCAPM be linked to these theoretical models?

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