• **Stability Test**

DV: Ri-Rf IV: Rm-Rf, SMB, RMW, HML, CMA, CRMHL, AMLH CV: Time, Timeˆ2, Season

If the three control variables which refers to time, the square of time and season can pass the *t*-test with high p-level, these three variables should be put into the regression models, otherwise they can be deleted.
