Citation Analysis – \large%Anomaly or Risk Factor? A Stepwise Evaluation %Efficient Factor Model Selection and Testing Selecting and Testing Asset Pricing Models: A Stepwise Approach

Citation Analysis

\large%Anomaly or Risk Factor? A Stepwise Evaluation %Efficient Factor Model Selection and Testing Selecting and Testing Asset Pricing Models: A Stepwise Approach
Guanhao Feng, Wei Lan, Hansheng Wang, Jun Zhang
https://arxiv.org/abs/2601.10279

130

Citation mentions

Cited references

Sections

8,113

Words (approx)

References by Citation Intensity

Ordered by composite index (descending). Higher values indicate more intensive citation.

#	Reference	Year	Mentions	Breadth	Sec. Wtd	Share	Composite	Main %
1	Barillas, F. and J. Shanken	2017	8	6	11.0	0.062	0.957	88%
2	Barillas, F. and J. Shanken	2018	6	6	9.0	0.046	0.941	83%
3	Gibbons, M. R., S. A. Ross, and J. Shanken	1989	4	3	6.0	0.031	0.928	100%
4	Fama, E. F. and K. R. French	2018	5	5	7.0	0.038	0.928	80%
5	Pesaran, M. H. and T. Yamagata	2023	7	6	9.5	0.054	0.894	71%
6	Lettau, M. and M. Pelger	2020b	3	3	4.5	0.023	0.843	100%
7	Feng, G., J. He, N. G. Polson, and J. Xu (self)	2024	3	3	4.5	0.023	0.843	100%
8	Fama, E. F. and K. R. French	2015	3	3	3.5	0.023	0.737	67%
9	Chib, S., L. Zhao, and G. Zhou	2024	3	3	3.5	0.023	0.737	67%
10	Avramov, D., S. Cheng, L. Metzker, and S. Voigt	2023	3	3	4.5	0.023	0.737	67%
11	Fan, J., Y. Liao, and J. Yao	2015	5	4	4.0	0.038	0.737	40%
12	Hou, K., H. Mo, C. Xue, and L. Zhang (self)	2021	3	2	6.0	0.023	0.737	100%
13	Wang, H (self)	2009	6	5	4.5	0.046	0.693	33%
14	Fama, E. F. and K. R. French	1993	2	2	3.0	0.015	0.644	100%
15	Bryzgalova, S., M. Pelger, and J. Zhu	2025	2	2	3.0	0.015	0.644	100%
16	Chernov, M., B. T. Kelly, S. Malamud, and J. Schwa...	2025	2	2	1.5	0.015	0.644	100%
17	Feng, G., S. Giglio, and D. Xiu (self)	2020	2	2	3.0	0.015	0.644	100%
18	Kozak, S., S. Nagel, and S. Santosh	2020	2	2	4.0	0.015	0.644	100%
19	Kozak, S., S. Nagel, and S. Santosh	2018	2	2	2.5	0.015	0.644	100%
20	Kelly, B. T., S. Pruitt, and Y. Su	2019	2	2	2.5	0.015	0.644	100%
21	Ahmed, S., Z. Bu, and D. Tsvetanov	2019	2	2	2.5	0.015	0.644	100%
22	Detzel, A., R. Novy-Marx, and M. Velikov	2023	2	2	2.5	0.015	0.644	100%
23	Zhang, J., W. Lan, L. Feng, and G. Feng (self)	2025	2	2	2.5	0.015	0.644	100%
24	Daniel, K., D. Hirshleifer, and L. Sun	2020	2	2	4.0	0.015	0.644	100%
25	Lettau, M. and M. Pelger	2020a	3	3	1.5	0.023	0.585	33%
26	Bryzgalova, S., J. Huang, and C. Julliard	2023	2	2	2.5	0.015	0.511	50%
27	Li, S., V. DeMiguel, and A. Martin-Utrera	2024	2	2	1.0	0.015	0.511	50%
28	Barillas, F., R. Kan, C. Robotti, and J. Shanken	2020	3	2	1.5	0.023	0.511	33%
29	Feng, L., W. Lan, B. Liu, and Y. Ma (self)	2022	2	2	1.0	0.015	0.511	50%
30	Huang, D., F. Jiang, J. Tu, and G. Zhou	2015	3	2	3.0	0.023	0.511	33%
31	He, A., D. Huang, J. Li, and G. Zhou	2023	2	1	4.0	0.015	0.511	100%
32	Fama, E. F. and K. R. French	1996	1	1	1.0	0.008	0.406	100%
33	Cochrane, J. H	2011	1	1	1.0	0.008	0.406	100%
34	Cong, L. W., G. Feng, J. He, and X. He (self)	2025	1	1	1.0	0.008	0.406	100%
35	He, A. and G. Zhou	2023	1	1	1.0	0.008	0.406	100%
36	Chib, S. and X. Zeng	2020	1	1	2.0	0.008	0.406	100%
37	Chib, S., G. Feng, J. He, and Q. Zhang (self)	2025	1	1	2.0	0.008	0.406	100%
38	Cui, L., G. Feng, Y. Hong, and J. Yang (self)	2023	1	1	2.0	0.008	0.406	100%
39	Lewellen, J., S. Nagel, and J. Shanken	2010	1	1	2.0	0.008	0.406	100%
40	Harvey, C. R. and Y. Liu	2021	1	1	2.0	0.008	0.406	100%
41	Harvey, C. R., Y. Liu, and H. Zhu	2016	1	1	0.5	0.008	0.406	100%
42	Green, J., J. R. Hand, and X. F. Zhang (self)	2017	1	1	0.5	0.008	0.406	100%
43	Chordia, T., A. Goyal, and A. Saretto	2020	1	1	0.5	0.008	0.406	100%
44	Jensen, T. I., B. Kelly, and L. H. Pedersen	2023	1	1	0.5	0.008	0.406	100%
45	Kim, S., R. A. Korajczyk, and A. Neuhierl	2021	1	1	0.5	0.008	0.406	100%
46	Huang, D., F. Jiang, K. Li, G. Tong, and G. Zhou	2022	1	1	0.5	0.008	0.406	100%
47	Gu, S., B. Kelly, and D. Xiu	2021	1	1	0.5	0.008	0.406	100%
48	Chen, L., M. Pelger, and J. Zhu	2024	1	1	0.5	0.008	0.406	100%
49	Hou, K., H. Mo, C. Xue, and L. Zhang (self)	2019	1	1	0.5	0.008	0.406	100%
50	Zhang, J., D. Pu, W. Lan, and G. Feng (self)	2025	1	1	0.5	0.008	0.406	100%
51	Fan, J. and J. Lv	2008	1	1	0.5	0.008	0.406	100%
52	Barron, A. R., A. Cohen, W. Dahmen, and R. A. DeVo...	2008	1	1	0.5	0.008	0.406	100%
53	Chen, J. and Z. Chen	2008	1	1	0.5	0.008	0.406	100%
54	Fan, J., Y. Liao, and M. Mincheva	2011	1	1	2.0	0.008	0.406	100%
55	Jegadeesh, N. and S. Titman	1993	1	1	2.0	0.008	0.406	100%
56	Asness, C. and A. Frazzini	2013	1	1	2.0	0.008	0.406	100%
57	Hou, K., C. Xue, and L. Zhang (self)	2020	1	1	2.0	0.008	0.406	100%
58	Kelly, B., D. Palhares, and S. Pruitt	2023	1	1	2.0	0.008	0.406	100%
59			1	1	0.5	0.008	0.087	0%
60			1	1	0.5	0.008	0.087	0%
61			1	1	0.5	0.008	0.087	0%
62			1	1	0.5	0.008	0.087	0%
63			1	1	0.5	0.008	0.087	0%

Reference

Year

Mentions

Breadth

Sec. Wtd

Composite

Main %

Barillas, F. and J. Shanken

2017

11.0

0.062

0.957

88%

Barillas, F. and J. Shanken

2018

9.0

0.046

0.941

83%

Gibbons, M. R., S. A. Ross, and J. Shanken

1989

6.0

0.031

0.928

100%

Fama, E. F. and K. R. French

2018

7.0

0.038

0.928

80%

Pesaran, M. H. and T. Yamagata

2023

9.5

0.054

0.894

71%

Lettau, M. and M. Pelger

2020b

4.5

0.023

0.843

100%

Feng, G., J. He, N. G. Polson, and J. Xu (self)

2024

4.5

0.023

0.843

100%

Fama, E. F. and K. R. French

2015

3.5

0.023

0.737

67%

Chib, S., L. Zhao, and G. Zhou

2024

3.5

0.023

0.737

67%

Avramov, D., S. Cheng, L. Metzker, and S. Voigt

2023

4.5

0.023

0.737

67%

Fan, J., Y. Liao, and J. Yao

2015

4.0

0.038

0.737

40%

Hou, K., H. Mo, C. Xue, and L. Zhang (self)

2021

6.0

0.023

0.737

100%

Wang, H (self)

2009

4.5

0.046

0.693

33%

Fama, E. F. and K. R. French

1993

3.0

0.015

0.644

100%

Bryzgalova, S., M. Pelger, and J. Zhu

2025

3.0

0.015

0.644

100%

Chernov, M., B. T. Kelly, S. Malamud, and J. Schwa...

2025

1.5

0.015

0.644

100%

Feng, G., S. Giglio, and D. Xiu (self)

2020

3.0

0.015

0.644

100%

Kozak, S., S. Nagel, and S. Santosh

2020

4.0

0.015

0.644

100%

Kozak, S., S. Nagel, and S. Santosh

2018

2.5

0.015

0.644

100%

Kelly, B. T., S. Pruitt, and Y. Su

2019

2.5

0.015

0.644

100%

Ahmed, S., Z. Bu, and D. Tsvetanov

2019

2.5

0.015

0.644

100%

Detzel, A., R. Novy-Marx, and M. Velikov

2023

2.5

0.015

0.644

100%

Zhang, J., W. Lan, L. Feng, and G. Feng (self)

2025

2.5

0.015

0.644

100%

Daniel, K., D. Hirshleifer, and L. Sun

2020

4.0

0.015

0.644

100%

Lettau, M. and M. Pelger

2020a

1.5

0.023

0.585

33%

Bryzgalova, S., J. Huang, and C. Julliard

2023

2.5

0.015

0.511

50%

Li, S., V. DeMiguel, and A. Martin-Utrera

2024

1.0

0.015

0.511

50%

Barillas, F., R. Kan, C. Robotti, and J. Shanken

2020

1.5

0.023

0.511

33%

Feng, L., W. Lan, B. Liu, and Y. Ma (self)

2022

1.0

0.015

0.511

50%

Huang, D., F. Jiang, J. Tu, and G. Zhou

2015

3.0

0.023

0.511

33%

He, A., D. Huang, J. Li, and G. Zhou

2023

4.0

0.015

0.511

100%

Fama, E. F. and K. R. French

1996

1.0

0.008

0.406

100%

Cochrane, J. H

2011

1.0

0.008

0.406

100%

Cong, L. W., G. Feng, J. He, and X. He (self)

2025

1.0

0.008

0.406

100%

He, A. and G. Zhou

2023

1.0

0.008

0.406

100%

Chib, S. and X. Zeng

2020

2.0

0.008

0.406

100%

Chib, S., G. Feng, J. He, and Q. Zhang (self)

2025

2.0

0.008

0.406

100%

Cui, L., G. Feng, Y. Hong, and J. Yang (self)

2023

2.0

0.008

0.406

100%

Lewellen, J., S. Nagel, and J. Shanken

2010

2.0

0.008

0.406

100%

Harvey, C. R. and Y. Liu

2021

2.0

0.008

0.406

100%

Harvey, C. R., Y. Liu, and H. Zhu

2016

0.5

0.008

0.406

100%

Green, J., J. R. Hand, and X. F. Zhang (self)

2017

0.5

0.008

0.406

100%

Chordia, T., A. Goyal, and A. Saretto

2020

0.5

0.008

0.406

100%

Jensen, T. I., B. Kelly, and L. H. Pedersen

2023

0.5

0.008

0.406

100%

Kim, S., R. A. Korajczyk, and A. Neuhierl

2021

0.5

0.008

0.406

100%

Huang, D., F. Jiang, K. Li, G. Tong, and G. Zhou

2022

0.5

0.008

0.406

100%

Gu, S., B. Kelly, and D. Xiu

2021

0.5

0.008

0.406

100%

Chen, L., M. Pelger, and J. Zhu

2024

0.5

0.008

0.406

100%

Hou, K., H. Mo, C. Xue, and L. Zhang (self)

2019

0.5

0.008

0.406

100%

Zhang, J., D. Pu, W. Lan, and G. Feng (self)

2025

0.5

0.008

0.406

100%

Fan, J. and J. Lv

2008

0.5

0.008

0.406

100%

Barron, A. R., A. Cohen, W. Dahmen, and R. A. DeVo...

2008

0.5

0.008

0.406

100%

Chen, J. and Z. Chen

2008

0.5

0.008

0.406

100%

Fan, J., Y. Liao, and M. Mincheva

2011

2.0

0.008

0.406

100%

Jegadeesh, N. and S. Titman

1993

2.0

0.008

0.406

100%

Asness, C. and A. Frazzini

2013

2.0

0.008

0.406

100%

Hou, K., C. Xue, and L. Zhang (self)

2020

2.0

0.008

0.406

100%

Kelly, B., D. Palhares, and S. Pruitt

2023

2.0

0.008

0.406

100%

0.5

0.008

0.087

0.5

0.008

0.087

0.5

0.008

0.087

0.5

0.008

0.087

0.5

0.008

0.087

Measures: Mentions = total in-text citations; Breadth = distinct sections; Sec. Wtd = section-weighted count (body ×2, lit review/appendix ×0.5); Share = mentions / total citations in paper; Composite = geometric mean of normalised count, breadth, and main-text ratio; Main % = fraction of mentions in main text (excl. appendix). (self) = self-citation.