Another look at the CAPM in South Africa: The influence of bull and bear markets
Several studies of the Capital Asset Pricing Model (CAPM) in South Africa find that beta cannot explain returns. However, these studies do not consider the effect of bull and bear markets, yet over the period 1995-2009, excess market returns were positive in only 98 of 180 months. The influence of m...
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| Format: | Article |
| Language: | English |
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AOSIS
2014-07-01
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| Series: | Journal of Economic and Financial Sciences |
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| Online Access: | https://jefjournal.org.za/index.php/jef/article/view/144 |