Empirical Analysis of the CAPM
摘要
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.