AN ASSESSMENT OF THE RISK AND RETURN OF FRENCH COMMON STOCKS
分析了1969-1979年间144只法国普通股的平均收益与风险的关系，发现平均收益与系统性风险呈负相关，但证据不足以否定资本资产定价模型。
In this paper the relationship is examined between the average return and the risk of a sample of 144 French common stocks which traded continuously over the decade 1969–1979. Although it was found that a negative relationship existed between average return and systematic risk, sufficient evidence could not be gathered to reject the hypothesis that the pricing of French common stocks conforms to the Capital Asset Pricing Model. The nature and implications of the observed negative risk‐return trade‐off are discussed.