Question: In August 2 0 2 3 , UPS union workers negotiated a new collective bargaining agreement that included huge pay raises for many employees, with

In August 2023, UPS union workers negotiated a new collective bargaining agreement that included huge pay raises for many employees, with the average delivery driver receiving annual compensation of roughly $170,000 in pay and benefits. The company announced in January 2024 that it is laying off 12,000 workers. Use the return data for UPS to estimate a four-factor (Carhart) pricing model.

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