for a risky asset in a laboratory experiment. We find that thinking-by-analogy has a strong influence when the assets in …

each of the asset markets, were sufficient to cause this effect. In the second part of experiment, post hoc assessment of … risk aversion was implemented in a sample of former participants of the asset market experiment (32 persons). The presented …

international CAPM; the constant-parameter intertemporal CAPM; and a Markov-switching intertemporal CAPM which allows for the degree …

A test of the CAPM is developed conditional on a prior belief about the correlation between the true market return and … the inefficiency of the proxy. An extension of the proposed test to a CAPM with conditioning information links …

the CAPM beta factor, at least five other factors are significant in determining time series and cross sectional …

This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents … disequilibrium NPV for decision-making is deductively drawn from the CAPM, its use for both valuation and decision should be rejected. …