Yes, The APT Is Testable
论证套利定价理论（APT）是可检验的，反驳了Shanken的反对意见，并解释了APT在子集上的可检验性及其与CAPM的关系。
ABSTRACT The Arbitrage Pricing Theory (APT) has been proposed as an alternative to the mean‐variance Capital Asset Pricing Model (CAPM). This paper considers the testability of the APT and points out the irrelevance for testing of the approximation error. We refute Shanken's objections, including his assertion that Roll's critique of the CAPM is applicable to the APT. We also explain the testability of the APT on subsets, and we explore the relationship between the APT and the CAPM.