The article examines how different factors affect stock market returns in Germany. By analyzing various risk factors in the Capital Asset Pricing Model (CAPM), the researchers found that beta, co-moments, and Fama French factors all play a role in explaining asset returns. Adding these factors to the model improved its ability to predict returns. The study also showed that these risk factors perform well, especially during market downturns. Overall, the model with all factors included performed better after economic recessions.