Fama or French - Matters of Credit

The three factor model extends CAPM with two factors size (small vs big) and value (market price relative to book value) in addition to the market risk premium. Basically, that leaves you with three betas. You can read more about it elsewhere, but what's hilarious is the article from Tuck School of Business (Dartmouth) that uncovers the real relationship between Fama and French, especially the real dope on who did all the work! Follow the link Fama Factors out French to read the article.