4 Moving to another question will save this response. Question 27 How is the UMD factor in the Fame-French-Carhart four-factor model estimated? a. It is the difference between the average returns of small stocks and that of large stocks O b. It is the difference between the average return of value stocks and that of growth stocks. Oc. It is the difference between the average return of past winning stocks and that of past losing stocks Od It is the difference between market retum and risk-free rate De None of the above options is correct A Moving to another question will save this response. MacBook Air esc SO FB 888 2 ::: N A %23 3 1 $ 4 & % 5 6 Q W E R T Y A S ock D G N V B Moving to another question will save this response. Question 28 How is the TERM factor in the Fama-French five-factor bond pricing model estimated? O a. It is the difference between the average returns of small stocks and that of large stocks. O b. It is the difference between the average return of value stocks and that of growth stocks. Oc. It is the difference between the long-term corporate and government bond yields. Od. It is the difference between the long-term and short-term government bond yields. Oe None of the above options is correct. Moving to another question will save this response. Ma SC BN 30 F3 888 F @ 2 1 2 # 3 $ 4 % 5 Q W E R S D F