Special Report on
An Introduction to Investment Theory
An Introduction to Investment Theory - Trends
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In the previous chapter, we focussed on the Arbitrage Pricing Theory as an alternative model to the classical CAPM. In fact, the CAPM is not inconsistent with the APT. Although its intellectual foundations differ, the two theories are basically arguments that the expected return of a security (i.e. the appropriate discount rate for its cash flows!) is a linear function of systematic risk. The major difference in practice between the CAPM and the APT is that the CAPM uses one risk variable, the market portfolio, while the APT uses several. The APT factors are typically macro-economic - they are related broadly to the ...
No matter how theoretically appealing it may be, even the most ardent supporters of the Capital Asset Pricing Model admit the model does not quite fit reality. It is difficult to test the CAPM without data on the global wealth portfolio, and the S&P just won’t do. We know ... Read More
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