公司理财原书第七版第十一章.pptVIP

11-* 11.7 Empirical Approachesto Asset Pricing Both the CAPM and APT are risk-based models. There are alternatives. Empirical methods are based less on theory and more on looking for some regularities in the historical record. Be aware that correlation does not imply causality. Related to empirical methods is the practice of classifying portfolios by style e.g. Value portfolio Growth portfolio 11-* 11.8 Summary and Conclusions The APT assumes that stock returns are generated according to factor models such as: As securities are added to the portfolio, the unsystematic risks of the individua