Download e-book for iPad: Is financial analysis useless? by William F. Sharpe et al

Download e-book for iPad: Is financial analysis useless? by William F. Sharpe et al

By William F. Sharpe et al

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9. King, Benjamin F. "Market and Industry Factors in Stock Price Behavior," Journal of Business, XXXIX, Part II (January, 1966), pp. 139-90. 10. Levitz, Gerald D. "Market Risk and the Management of Institutional Equity Portfolios," Financial Analysts Journal (January-February, 1974), pp. 53ff. TESTS OF CAPITAL MARKET THEOR Y 47 11. Pogue, Gerald and Conway, Walter. "On the Stability of Mutual Fund Beta Values," unpublished working paper, Massachusetts Institute of Technology, Sloan School of Management, June, 1972.

42 84 45-54 Coefflc1ent Figure 7 --- Scatter diagram of the estimated risk coefficients obtained for fifty-six mutual funds in two en_u(',,,- periods 1945-54 and 1955-64. Source: Jensen [1969] 44 MICHAEL C. JENSEN correlated across secuntles for a given time period and that these correlations can be related to industry effects. Friend and Blume [1970], Black, Jensen and Scholes [1972], and Fama and MacBeth [1973] also present indirect evidence of the non-independence of these errors. 45 TESTS OF CAPITAL MARKET THEOR Y NOTES L The data were obtained from the Center for Research in Security Price (CRSP) monthly price relative file at the University of Rochester.

Each point denotes the return earned on Xerox for some month in this time interval and the corresponding return earned that month on the market index. The market index returns were calculated as the average return on all 1 securities listed on the NYSE for each month during this period. (Single data points are represented by an asterisk and multiple data points at the same location are plotted with a numeral representing the number of points at that location. 97, is drawn on the scatter diagram.

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