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The four-factor model used to estimate abnormal returns or alphas for mutual funds for their performance assessment uses the three Fama and French factors and

The four-factor model used to estimate abnormal returns or alphas for mutual funds for their performance assessment uses the three Fama and French factors and one additional factor related to _________.

A.

the tenure of the fund manager

B.

momentum

C.

fees

D.

the age of the fund manager

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