There are firms doing it but you need a lot more data inputs and they have to be sanitized (extremely high quality data): http://www.bloomberg.com/news/article

There are firms doing it but you need a lot more data inputs and they have to be sanitized (extremely high quality data): http://www.bloomberg.com/news/articles/2015-08-11/acadian-quant-shop-tops-indexes-with-factor-based-investing- http://www.bloomberg.com/news/articles/2015-08-11/acadian-qu...