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7. Use the figure below to briefly describe why and how the security market line (SML) estimated by Fama and MacBeth (1973) deviates from the

7. Use the figure below to briefly describe why and how the security market line (SML) estimated by Fama and MacBeth (1973) deviates from the true SML. True SML Expected Returns SML Estimated by Fama MacBeth Belas

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