The Capital Asset Pricing Model (CAPM): The History of a Failed Revolutionary Idea in Finance?
回顾了资本资产定价模型（CAPM）的历史，指出该模型虽在学术金融中占据主导地位，但实际市场并不完全遵循其理性假设，对金融学者和投资者有反思价值。
The capital asset pricing model ( CAPM ) states that assets are priced commensurate with a trade‐off between undiversifiable risk and expectations of return. The model underpins the status of academic finance, as well as the belief that asset pricing is an appropriate subject for economic study. Notwithstanding, our findings imply that in adhering to the CAPM we are choosing to encounter the market on our own terms of rationality, rather than the market's.