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Describe the empirical evidence on the two-pass cross-sectional tests of the CAPM. Within the framework of these tests, comment on the results of Fama and

Describe the empirical evidence on the two-pass cross-sectional tests of the CAPM. Within the framework of these tests, comment on the results of Fama and French (1992), who find that size and Book-to-Market are significant in explaining the crosssection of stock returns in the US.

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