《《Investment Policy Implications of the Capital Asset Pricing Model》.pdfVIP

THE JOURNAL OF FINANCE • VOL. XXXVI, NO. 1 • MARCH 1981 Investment Policy Implication s of th e Capital Asset Pricing Model ROBERT R. GRAUER* ABSTRACT The results of previous generalized Security Market Line (SML) tests of the Mean Variance (MV) and Linear Risk Tolerance (LRT) Capital Asset Pricing Models indicate that the models are empirically identical. A very widely accepted, hut technically