General Factor Models and the Structure of Security Returns
回顾了资本资产定价模型（CAPM）的发展，指出该模型虽被广泛研究但未得到实证验证，并引用Roll的观点说明其因测量和计算困难而无法明确检验。
Based on Markowitz's pioneering study [40], Sharpe [56] and Lintner [38] advanced the first positivist formulations of the capital asset pricing model (CAPM). Their models were subsequently refined by Mossin [45], Fama [15], Black [1], and others. Even though the CAPM has been studied extensively, it has not been empirically validated. According to Roll [48], the CAPM cannot be tested in an unambiguous fashion because of a number of intractable measurement and computational difficulties, and the joint nature of the hypotheses to be tested.