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      "text": "Frequency of Observations: Practical data constraints influence the frequency of observations. Bloomberg, for example, considers a maximum of 244 data points for monthly data and 399 data points for weekly data.",
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      "text": "Predicted vs. Historical: Predicted betas based on a multi-factor risk model (i.e., BARRA betas) may be used. Alternatively, historical betas may be used to the extent that past performance is an effective predictor of future performance.",
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      "text": "Historical Time Frame: A longer time frame (5 years) smoothes out irregularities. A shorter period (2 years) may be more appropriate for companies in dynamic, high growth industries or for recently restructured companies.",
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      "text": "Although the formula for calculating beta is well-defined,(1) there are several issues to consider in calculating beta.",
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