Question 3 (50\%): Asset Pricing Asset pricing is an essential topic in Finance. One key objective of asset pricing is to explore the factors that determine the prices of and returns on financial and real assets, including stocks, bonds, currencies, and real estate. In terms of stock pricing, Fama and French (1992) propose a well-known model, "Fama and French Three Factor Model", to describe stock returns. Read the paper below from Fama and French (1992) and write a critical review. Paper title: "The Cross-Section of Expected Stock Returns", which is available to download in the Learn assessment section. Your review should summarize the following points in your own words: - What are the motivations and contributions of this paper? - How does this paper achieve claimed contributions? - How does this paper design experiment? - What would you contribute to the Fama-French Three Factor model if you were working on stock pricing? - If you were a professional stock investor, how would you use the stock pricing model to help your investment? (Word limit: 1000 words, excluding graphs, equations, formulas, and references)