ANOVA   11 df SS MS F Significance F   12 Regression 1 0.185641557 0.1856416 53.55799 8.55186E-10   13 Residual 58 0.201038358 0.0034662   14 Total 59 0.386679915   15   16 Coefficients Standard t Stat P-value Lower 95%   17 Error   18 Intercept 0.01181687 0.00776211 1.522379 0.133348 -0.003720666   19 X Variable 1 1.20877413 0.165170705 7.3183324 8.55E-10 0.878149288     One example of the multifactor approach is the work of Chen, Roll, and Ross,14 who used the following set of factors to paint a broad picture of the macroeconomy. Their set is obviously only one of many possible sets that might be considered.15     14 N. Chen, R. Roll, and S. Ross, "Economic Forces and the Stock Market, Journal of Business 59 (1986), pp. 383-403. 15 To date, there is no compelling evidence that such a comprehensive list is necessary, or that these are the best variables to rep- resent systematic risk. We choose this representation to demonstrate the potential of multifactor models. Discussion of the empir- ical content of this and similar models appears in Chapter 13, "Empirical Evidence on Security Returns." III. Equilibrium In Capital Markets 10. Single−Index and Multifactor Models The McGraw−Hill Companies, 2001