On the Robustness of the Roll and Ross Arbitrage Pricing Theory
检验罗尔和罗斯提出的套利定价理论（APT）的稳健性，发现APT中定价的因素数量多于资本资产定价模型（CAPM）的预期。
Roll and Ross [6] have written what has quickly become the classic article on testing the Arbitrage Pricing Theory (APT) originally proposed by Ross [8]. They presented methods both for estimating the return generating process and for testing whether particular elements (factors) in the return generating process were priced in equilibrium. They found that more factors are priced than one would expect to be priced if the Capital Asset Pricing Model (CAPM) were held.