An empirical comparison of the CAMP and the APT in the foreign exchange markets

Part of : Σπουδαί : journal of economics and business ; Vol.36, No.1-4, 1986, pages 18-38

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18-38
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Περιέχει σημειώσεις, πίνακες και βιβλιογραφία, Earlier versions of this paper were presented at Faculty Workshops at the University of Maryland, the University of Tennessee, V Université De Nice (IAE), and L' Université De Droit, D'Economie, et Des Sciences Appliquée D' Aix -Marseille (CEFTI), as well as at the 1983 FMA Meetings in Atlanta, GA. The authors wish to thank the participants at these sessions for constructive comments and criticism. Shortly after this research was completed, a working paper by Dybving and Ross [1983] was also presented at the 1983 FMA Meetings. Although the Dybving and Ross working paper mainly serves as a response to Shanken's [1982] criticism of the testability of the APT, it also, utilizes and approach similar to be one developed in this paper to show the relationship between the CAMP and the APT. The paper by Dybving and Ross was published in September 1985.