{'fraction_non_alphanumeric': 0.019332161687170474, 'fraction_numerical': 0.007029876977152899, 'mean_word_length': 4.816326530612245, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Risk v. Overreaction and Migration

I provide empirical evidence in support of the conjecture that many observed market anomalies are simply a manifestation of the market’s process of searching for equilibrium. Therefore, these anomalies should be fully explained by risk pricing, if only we knew how to correctly measure risk in a out of equilibrium state. I focus on the Intangible Returns anomaly, as defined by Daniel and Titman (2006) and show that it is a manifestation of the evolution of the HML risk factor, which the market suffers during the observed period.