Fraser, Patricia; Hamelink, Foort; Hoesli, Martin; … - In: The European Journal of Finance 10 (2004) 4, pp. 255-276
The seminal study by Fama and MacBeth in 1973 initiated a stream of papers testing for the cross-sectional relation between return and risk. The debate as to whether beta is a valid measure of risk was reanimated by Fama and French and subsequent studies. Rather than focusing on exogenous...