‘Absurd’ Comments About CAPM Masquerading As Research

Last month, a Spanish academic ruffled some feathers with the provocatively titled paper CAPM: an absurd model, which reads a lot more like a diatribe on a pet topic than an academic paper (complete with non-standard typography). University of Navarra professor of finance Pablo Fernandez pointed out that CAPM (capital asset pricing model) is based on a number of assumptions that don’t quite match reality (not exactly breaking new ground), and . . .


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