Where Are the Factors in Factor Investing?
倡导使用因果图来为因子投资领域建立逻辑一致的基础，通过解释关联与因果的区别、ceteris paribus假设的因果含义以及如何用因果图估计观测研究中的因果效应，并用蒙特卡洛实验加以说明。
In this article, the author advocates for the use of causal graphs to modernize the field of factor investing and set it on a logically coherent foundation. To do this, first he introduces the concepts of association and causation. Second, he explains the use of causal graphs and the real (causal) meaning of the <italic>ceteris paribus</italic> assumption that is so popular among economists. Third, he explains how causal graphs help us estimate causal effects in observational (nonexperimental) studies. Fourth, he illustrates all of the earlier concepts with Monte Carlo experiments. He concludes that the field of factor investing must embrace causal graphs in order to wake up from its associational slumber.