New Tests of the APT and Their Implications
对套利定价理论（APT）进行新检验，发现检验结果对证券数量极为敏感，且独特风险与共同风险同等重要，这些结果与APT不一致。
This paper provides new tests of the arbitrage pricing theory (APT). Test results appear to be extremely sensitive to the number of securities used in the two stages of the tests of the APT model. New tests also indicate that unique risk is fully as important as common risk. While these tests have serious limitations, they are inconsistent with the APT.