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Central to both the theoretical and the empirical validity of factor models is the correct specification of the number of factors.
Jushan Bai
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Two important characteristics of maps should be noticed. A map is not the territory it represents, but, if correct, it has a similar structure to the territory, which accounts for its usefulness.
Alfred Korzybski
Jushan Bai
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Jushan Bai an American economist, and Professor of Economics at Columbia University and Dean of School of Finance at Nankai University, China.
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