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Beyond the CAPM

By the 1990s, the “joint hypothesis” of efficiency (the semi-strong efficient market hypothesis, EMH) and equilibrium (CAPM) had gained traction as the “new” theory of finance. Even then, however, the growing anomalies literature discussed earlier in Chapter 7 created problems for the CAPM, and a consensus began to form that a new model, the arbitrage pricing model or APM, would replace it. More recently, the CAPM has been pretty much discarded by practitioners (even those with MBAs from the University of Chicago) and questioned in the academic literature…