Handa, Puneet; Kothari, S P; Wasley, Charles - In: Journal of Finance 48 (1993) 4, pp. 1543-51
The capital asset pricing model's (CAPM) primary empirical implication is a positively sloped linear relation between a security's expected rate of return and its relative risk (beta). Recent research indicates that inferences about the risk-return relation are sensitive to the choice of the...