Empirical Analysis of the CAPM

Michael Donadelli, Michele Costola and Ivan Gufler
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Michael Donadelli: University of Brescia
Michele Costola: Ca’ Foscari University of Venice
Ivan Gufler: Luiss Guido Carli

Chapter 4 in Essentials of Financial Economics, 2025, pp 97-120 from Springer

Abstract: Abstract A substantial body of empirical research in finance has been dedicated to the exploration of the underlying determinants of significant cross-sectional return differentials among diverse financial assets. Performance disparities are evident not only among individual securities within a given index but also across entire sectors and geographical regions. These discrepancies can be attributed to a myriad of factors, including firm-specific characteristics, industry-level trends, and divergent macroeconomic conditions specific to each country or region.

Date: 2025
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DOI: 10.1007/978-3-031-86189-5_4

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