Bruner, Robert F.; Li, Wei; Kritzman, Mark; Myrgren, Simon - In: Emerging Markets Review 9 (2008) 2, pp. 89-103
Beta, as measured by the Capital Asset Pricing Model (CAPM), is widely used for pricing stocks, determining the cost of capital, and gauging the extent to which markets are integrated. The CAPM model assumes that equilibrium conditions prevail. The choice of which market portfolio to use in the...
