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This study tests the habit-formation model, an extension of the Consumption-based Capital Asset Pricing Model (C-CAPM). Using Philippine stock market data, seasonally adjusted and nonseasonally adjusted consumption data sets, the study tracks the performance of these resulting models in terms of forecast performance both in-sample and out-of sample. Several statistical measures such as the Diebold-Mariano test and the Success Ratio test are used to compare these habit models against thedoi:10.1080/13504850500400611 fatcat:2z4rbe4li5ddrl656mcwhzqw74