Simplify by combining like terms. 
Definitions:
Priced Factor
An element affecting the pricing of securities that is reflected in market prices due to its influence on asset returns.
Market Illiquidity
A situation in which an asset cannot be easily sold or exchanged for cash without a substantial loss in value.
Book-to-market Ratio
A valuation metric comparing the book value of a company to its market price.
Momentum
An investment strategy that involves buying securities that have had high returns over a certain period and selling those that have had poor returns, based on the belief that trends will continue.
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