Describe the intuition underlying: (a) The macroeconomic approach to identifying risk factors, (b) The microeconomic (i.e., characteristic-based)

Question:

Describe the intuition underlying:
(a) The macroeconomic approach to identifying risk factors,
(b) The microeconomic (i.e., characteristic-based) approach to identifying risk factors.
Is it conceptually and practically possible for these two approaches to lead to the same estimate of for any given security? Expected Return
The expected return is the profit or loss an investor anticipates on an investment that has known or anticipated rates of return (RoR). It is calculated by multiplying potential outcomes by the chances of them occurring and then totaling these...