The CAPM is Alive and Well- A Review and Synthesis英文翻译.pdfVIP

European Financial Management, Vol. 16, No. 1, 2010, 43–71 doi: 10.1111/j.1468-036X.2009.00530.x The CAPM is Alive and Well: A Review and Synthesis Haim Levy The Hebrew University and The Center of Law and Business E-mail: mshlevy@mscc.huji.ac.il Abstract Mean-Variance (M-V) analysis and the CAPM are derived in the expected utility framework. Behavioural Economists and Psychologists (BEP) advocate that expected utility is invalid, suggesting Prospect Theory as a substitute paradigm. Moreover, they show that the M-V