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When tested using stocks, the CAPM is rejected by the data because ______. Group of answer choices its theory is incorrect or the approximation M={stocks

When tested using stocks, the CAPM is rejected by the data because ______.

Group of answer choices

its theory is incorrect or the approximation M={stocks only} is incorrect

its theory is incorrect

None of the provided answers is correct.

we are approximating the portfolio M (i.e., the portfolio of all risky securities) using only stocks

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