{"paper":{"title":"A Cap-Axis Integral Diagnostic of Factor Models","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":["q-fin.CP","q-fin.MF","q-fin.PR","q-fin.ST"],"primary_cat":"q-fin.GN","authors_text":"Useong Shin","submitted_at":"2026-07-02T06:28:56Z","abstract_excerpt":"I propose a cap-axis integral diagnostic for factor-model evaluation. Low-dimensional factor models can improve the maximum-Sharpe frontier while leaving zero-alpha violations on economically fixed subspaces. The diagnostic studies one such subspace by lifting pricing errors into a bridge-alpha curve along the market-capitalization rank axis. Under an aggregate-market gate, a zero curve is equivalent to pricing the market's internal cap-rank subspace. In 1967-2024 CRSP data, q5's daily negative bridge attenuates under lead-lag correction, while Fama-French and Carhart bridges are more visible "},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2607.01765","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2607.01765/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}