Minović, Jelena; Živković, Boško - In: Economic Annals 57 (2012) 195, pp. 43-78
, 1964), Fama-French (FF) model (1992, 1993), Liquidity-augmented CAPM (LCAPM) by Liu (2006), and combination LCAPM with FF … in Serbia. We found that Liu’s two-factor LCAPM model performs better in explaining stock returns than the standard CAPM … and the Fama-French three-factor model. Additionally, Liu’s LCAPM may indeed be a good tool for realistic assessment of …