The Conditional CAPM does not Explain Asset-Pricing Anamolies
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Recent studies suggest that the conditional CAPM might hold, period-by-period, and that time-varying betas can explain the failures of the simple, unconditional CAPM. We argue, however, that significant departures from the unconditional CAPM would require implausibly large time-variation in betas
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美国国家经济研究局创建时间：
2003-09-01
