The Capital Asset Pricing Model

Edward E. Williams and John A. Dobelman

Chapter 8 in A Random Walk to Nowhere:How the Professors Caused a Real “Fraud-on-the-Market”, 2020, pp 131-136 from World Scientific Publishing Co. Pte. Ltd.

Abstract: While financial economists were testing the EMH (as in Chapter 6), the idea was proposed that the original Markowitz (1952a) work on portfolio analysis could be used as a foundation for an overall theory of how assets are priced in the capital markets. During the 1960s, Treynor (1961), Sharpe (1964), Lintner (1965), and Mossin (1966) proposed economic models that purported to demonstrate how financial markets operate. This early work became known as the Capital Asset Pricing Model, or CAPM…

Keywords: Efficient Market Hypothesis; Market Inefficiency; Mathematical Economics; Academic Finance; Real-World Markets; Fraud; Random Walk (search for similar items in EconPapers)
JEL-codes: B26 O16 (search for similar items in EconPapers)
Date: 2020
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