\begin{equation}
r_{mt+1} = \delta_{0} + \delta_{1}DIV_{t} + \delta_{2}DEF_{t} + \delta_{3}TERM_{t} + \delta_{4}TB_{t} + e_{mt+1}
\end{equation}
r_{mt+1} = \delta_{0} + \delta_{1}DIV_{t} + \delta_{2}DEF_{t} + \delta_{3}TERM_{t} + \delta_{4}TB_{t} + e_{mt+1}
\end{equation}