Comparing Asset Pricing Factor Models under Multivariate t-Distribution: Evidence from China

Table 9

Bayesian marginal likelihoods.

	log (marginal likelihood)
	t-Distribution	Normal distribution
Q	7435.64	7121.88
FF5	7426.22	7111.24
FF5CP	7422.96	7107.92
FF6	7424.90	7108.21
FF6CP	7423.19	7105.48
CH3	7455.77	7142.42
CH3 + PMO	7461.53	7144.79
CH3 + ILLIQ	7467.62	7149.10