摘要：The objective of this study is to examine the Carhart (1997) four-factor asset pricing model to revisit whether the
momentum factor is indeed priced in the U.K. equity market, over the period from October 1980 through June 2016.
The study applies the state-of-the-art two-pass cross-sectional regression methodology of Lewellen et al. (2010). I find
the momentum factor is not priced. The result is robust using a shorter sample that excludes the recent financial crisis
data.
