作者：川总写量化
题图：川总写量化微信公众号
摘要
隐性多因子模型如何成为研究资产定价的重要范式？且听 Kelly and Xiu (2023) 娓娓道来。
本文继续翻译 Bryan Kelly 和修大成两位教授的 Financial Machine Learning (Kelly and Xiu 2023) 第四章（Risk-Return Tradeoffs）的剩余部分，即 4.4 到 4.6 节。（第一部分请见此处。）
再次感谢王熙和刘洋溢对内容的反馈。本翻译仅供学习交流使用，禁止一切商业行为，未经授权，禁止转载。
以下是正文部分。
4.4 复杂因子模型
4.5 高频模型
4.6 Alphas
4.6.1 Alpha 检验和经济重要性
4.6.2 多重假设检验
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