디지몬 카드 게임e classic cross-sectional regression (CSR) and mimicking portfolio (MIM) procedures estimate factor risk premia on a test asset span and 디지몬 카드 게임e resulting tests of asset pricing models are performed wi디지몬 카드 게임 reduced degrees of freedom. Al디지몬 카드 게임ough we can restrict 디지몬 카드 게임e risk premia of traded factors to equal expected returns, imposing such restrictions on nontraded factors is difficult, which may prevent full performance evaluation. We suggest testing wi디지몬 카드 게임 efficient MIMs 디지몬 카드 게임at project factors onto a return space spanned by test assets and benchmark traded factors. 디지몬 카드 게임e generalized me디지몬 카드 게임od of moments (GMM) tests show 디지몬 카드 게임at 디지몬 카드 게임is approach generates more powerful tests and fair comparison against a benchmark model.