Editorial Type:
Article Category: Research Article
 | 
Online Publication Date: 01 Jan 2015

CAPM: An Absurd Model

Page Range: 4 – 23
DOI: 10.5791/0882-2875-34.1.4
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Copyright: American Society of Appraisers
Figure 1
Figure 1

Calculated Betas of March 31, 2014

Figure 2
Figure 2

MRP Used in 2014 for the United States by 2,915 Respondents. Source: Fernandez et al. (2014)

Figure 3
Figure 3

MRP Used by 150 Textbooks. Source: Fernandez (2013d)

Contributor Notes

Pablo Fernandez, Professor of Finance,1 IESE Business School, University of Navarra, Camino del Cerro del Aguila 3. 28023 Madrid, Spain; e-mail: fernandezpa@iese.edu and pfernandez@iese.edu.

1 I thank very much the readers of the first draft, who sent me interesting comments, criticism, and suggestions that are collected in “CAPM: The model and 233 comments about it”; http://ssrn.com/abstract=2523870. I have rewritten this paper following some of them.
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