请问liquidity factor 在什么模型里面需要使用？

NO.PZ2023040402000024 问题如下 After consiring these alternative metho, Hughes selects the Fama–Frenmol his preferremetho His first termination is for Western Plains Rail (WPR), using the ta presentein Exhibit 1.Using the ta in Exhibit 1 anHughes’ preferremetho the requirereturn on equity for Western Plains Rail is closest to: A.6.6%. B.6.3%. C.9.2%. The Fama–Frenmol estimate for return on equity is calculateusing the formulaFFM: re = 1.2% + 1.3 × (5.2%) – 0.2 × (2.0%) – 0.3 × (4.3%) = 1.2% + 6.76% – 0.40% – 1.29% = 6.27% ≈ 6.30% 请问非上市公司计算re，expanCAPM和builp approach中的rf 都要求用长期国债来匹配期限，对吗？只有risk-basemol，（其中包括单因子CAPM、famafrench3、5因子模型）由于计算公式有β，要做回归，所以需要用短期国债 T-bill 的rf，对吗？

NO.PZ2023040402000024问题如下 After consiring these alternative metho, Hughes selects the Fama–Frenmol his preferremetho His first termination is for Western Plains Rail (WPR), using the ta presentein Exhibit 1.Using the ta in Exhibit 1 anHughes’ preferremetho the requirereturn on equity for Western Plains Rail is closest to: A.6.6%.B.6.3%.C.9.2%. The Fama–Frenmol estimate for return on equity is calculateusing the formulaFFM: re = 1.2% + 1.3 × (5.2%) – 0.2 × (2.0%) – 0.3 × (4.3%) = 1.2% + 6.76% – 0.40% – 1.29% = 6.27% ≈ 6.30% 为什么不加流动性风险？

NO.PZ2023040402000024 问题如下 After consiring these alternative metho, Hughes selects the Fama–Frenmol his preferremetho His first termination is for Western Plains Rail (WPR), using the ta presentein Exhibit 1.Using the ta in Exhibit 1 anHughes’ preferremetho the requirereturn on equity for Western Plains Rail is closest to: A.6.6%. B.6.3%. C.9.2%. The Fama–Frenmol estimate for return on equity is calculateusing the formulaFFM: re = 1.2% + 1.3 × (5.2%) – 0.2 × (2.0%) – 0.3 × (4.3%) = 1.2% + 6.76% – 0.40% – 1.29% = 6.27% ≈ 6.30% 是否CAPM的第一个无风险利率也用短期？