Are Asset Demand Functions Determined by CAPM?
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The Capital Asset Pricing Model (CAPH) says that the responsiveness of asset-demands to expected returns depends (inversely) on the variance-covariance matrix of returns, rather than being an arbitrary set of parameters.Previous tests of CAPM have usually computed covariances of returns around
资本资产定价模型（Capital Asset Pricing Model, CAPH）指出，资产需求对预期收益的响应程度（呈反向）取决于收益的方差-协方差矩阵，而非一组任意参数。以往对CAPM的检验通常计算收益围绕
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美国国家经济研究局创建时间：
1983-04-01
