Kim Deal, an equity researcher working at AMBS hedge fund in New York, U$.$S$.,$

has developed a new way of measuring earning potential $($EP$)$ of $100$ companies in

China. Using historical data, Kim Deal forms $10$ portfolios based on EP$,$ constructs a

zero$-$cost portfolio $($HML$\_$EP$),$ and finds spectacular $ average returns on HML$\_$EP$,$

which can$$t be explained by CAPM. Explain the reason why such returns on HML$\_$EP

can be still considered to be a reward for taking systematic risks $($i$.$e$.,$ risk premia$).$