fama_macbeth_tests_1973
ThispaperteststherelationshipbetweenaveragereturnandriskforNewYorkStockExchangecommonstocks.Thetheoreticalbasisofthetestsisthe"two-parameter"portfoliomodelandmodelsofmarketequilibriumderivedfromthetwo-parameterportfoliomodel.Wecan-no!rejectthehypothesisofthesemodelsthatthep
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