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Within the framework of CAPM, which of the following statements about Beta is NOT valid? It represents the systematic risk inherent in a security. It

Within the framework of CAPM, which of the following statements about Beta is NOT valid?
It represents the systematic risk inherent in a security.
It is often lower when calculated relative to segmented domestic markets versus a global market index.
It can be calculated as the "covariance of future returns between a specific security and the market portfolio" divided by the "variance of returns of the market portfolio".
It may be negative.
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