Before revision:  In a goodness-of-fit test comparing the Fama-French 5-factor with the multi-factor model, the multi-factor model has a substantially larger adjusted R^{2 . Robustness tests confirm that the multi-factor model provides a reasonable characterization of security returns .
After revision:  In a goodness-of-fit test comparing the Fama-French 5-factor model . Robustness tests confirm that the multi-factor model provides a reasonable characterization of security returns .