Financial Analysts Journal

Whither Finance Theory?

  1. Robert D. Arnott

The FAJ has played an important role in publishing some of the best thinking in the industry, positing new theories, and challenging established wisdom. “Reflections” pieces in this 60th anniversary year continue the tradition. Of several current accepted concepts that have fallen into question as a result of empirical observation, two discussed here are the capital asset pricing model and the capitalization-weighted market-clearing portfolio.

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