A Critical Reexamination of the Empirical Evidence on the Arbitrage Pricing Theory: A Reply
回应Dhrymes等人对套利定价理论实证研究的批评，指出其分析可能误导读者，并给出简要的非技术性评论。
The paper by Dhrymes, Friend, and Gultekin (DFG) in this issie criticizes empirical work on the the Arbitrage Pricing Theory (APT) conducted by ourselves, (RR [3]), and by a number of others. We are honored that such eminent professors as DFG have taken an interest in our work. Unfortunately, the DFG paper contains analysis which might foster misconceptions in the casual reader. Our purpose here is to present a brief, nontechnical comment. We are confident that those who are inclined to study the DFG paper in detail will be able to discern its merit for themselves.