Rolls critique implies that the usual CAPM test is a test only of the mean-variance efficiency of
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Roll’s critique implies that the usual CAPM test is a test only of the mean-variance efficiency of a prespecified market proxy and therefore that tests of the linearity of the expected return–beta relationship do not bear on the validity of the model. pl856
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ISE Investments
ISBN: 9781266085963
13th International Edition
Authors: Zvi Bodie, Alex Kane, Alan Marcus
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