Borys, Magdalena Morgese Borys - In: Czech Journal of Economics and Finance (Finance a uver) 61 (2011) 2, pp. 118-139
capital in the emerging markets. The Capital Asset Pricing Model (CAPM), which is most often used for this purpose in the …. Various factor models have been proposed to overcome the shortcomings of the CAPM. This paper examines both the CAPM and … find, as expected, that the CAPM is not able to do this task. However, factor models, including factors such as the excess …