Before revision:  We apply the model to simulated data as well as daily log-returns of 300 S&P 500 stocks and demonstrate the effectiveness of the shrinkage prior to obtain sparse loadings matrices and more precise correlation estimates.
After revision:  We apply the model to simulated data as well as daily log-returns of 300 S&P 500 stocks and demonstrate its effectiveness to obtain sparse loadings matrices and more precise correlation estimates.