What is your view on the usefulness of CAPM in determining cost of capital in todays real business situation?

In responding to the question you may consider that CAPM is based on the "efficient market hypothesis" (EMH). Since 80s we have seen few financial crises.particularly since the 2008 crises scholars are increasingly questioning how far the EMH corresponds to the real world of todays financial markets

For discussion you may find the following articles useful

1) http://www.nytimes.com/2009/06/06/business/06nocera.html?8dpc

2) Fox, J. (2013). What We've Learned from the Financial Crisis. Harvard Business Review, 91(11), 94-101.http://0-web.b.ebscohost.com.aupac.lib.athabascau.ca/ehost/results?sid=be372cca-fe56-420f-ab0a-9d4186e907a8%40sessionmgr103&vid=17&hid=128&bquery=JN+%22Harvard+Business+Review%22+AND+DT+20131101&bdata=JkF1dGhUeXBlPXVybCxpcCx1aWQmZGI9YnRoJnR5cGU9MSZzaXRlPWVob3N0LWxpdmU%3d