Fama(1993)在市场代理(market proxy)之外又增加了规模，账面价值-市场价值比率两 个额外的风险因素，以解释股票的业绩。
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market development pattern proxy 市场进展模式模型
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The market proxy used in the analysis is Hang Seng Index.
用以参照的市场指数为恒生指数。
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From 1896 the study used the Dow Jones Industrial Average (DJIA) as the market proxy, and other available indexes prior to 1896.
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The Vanguard Total Stock Market Admiral Shares (VTSAX) with an expense ratio of 0.06 percent was selected as his market index fund proxy.
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The stock is up more than 33% year-to-date as the broader market rallied and the proxy battle drew in buyers anticipating change.
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