Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Back in the ‘60s, people developed the capital asset pricing model [CAPM] as a way to do that. And the theory that was available then was CAPM. And in those early tests, it seemed like market prices mostly obeyed both CAPM and the efficient market hypothesis. But everybody still uses the method that came out of CAPM.