n Investment Analysts Journal - Investment basics XXXIV : the arbitrage pricing theory
|Article Title||Investment basics XXXIV : the arbitrage pricing theory|
|© Publisher:||Taylor & Francis|
|Journal||Investment Analysts Journal|
|Author||P. Van Rensburg|
|Publication Date||Jan 1997|
ISI Social Science
Extracted from text ... Number 46 - Part 5 P van Rensburg Investment Basics: XXXIV The arbitrage pricing theory Introduction The APT was developed by Stephen Ross in the early 70s and first published in 'The Arbitrage Theory of Capital Asset Pricing' (1976). The APT is based on fewer and less restrictive assumptions than the more familiar capital asset pricing model (CAPM) of Sharpe (1964), Lintner (1965) and Mossin (1966). It is also a more general model than the CAPM allowing for more than one risk factor to underlie stock returns. However, the primary challenge in applying the APT is discerning the identity of ..
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