@article{1434862,
      recid = {1434862},
      author = {Kolari, James W., and Liu, Wei, and Huang, Jianhua Z.,},
      title = {A new model of capital asset prices : theory and evidence  /},
      pages = {1 online resource},
      abstract = {This book proposes a new capital asset pricing model  dubbed the ZCAPM that outperforms other popular models in  empirical tests using US stock returns. The ZCAPM is  derived from Fischer Blacks well-known zero-beta CAPM,  itself a more general form of the famous capital asset  pricing model (CAPM) by 1990 Nobel Laureate William Sharpe  and others. It is widely accepted that the CAPM has failed  in its theoretical relation between market beta risk and  average stock returns, as numerous studies have shown that  it does not work in the real world with empirical stock  return data. The upshot of the CAPMs failure is that many  new factors have been proposed by researchers. However, the  number of factors proposed by authors has steadily  increased into the hundreds over the past three decades.  This new ZCAPM is a path-breaking asset pricing model that  is shown to outperform popular models currently in practice  in finance across different test assets and time periods.  Since asset pricing is central to the field of finance, it  can be broadly employed across many areas, including  investment analysis, cost of equity analyses, valuation,  corporate decision making, pension portfolio management,  etc. The ZCAPM represents a revolution in finance that  proves the CAPM as conceived by Sharpe and others is alive  and well in a new form, and will certainly be of interest  to academics, researchers, students, and professionals of  finance, investing, and economics. James W. Kolari is the  JP Morgan Chase Professor of Finance and Academic Director  of the Commercial Banking Program in the Department of  Finance at Texas A & M University, USA. Wei Liu is Senior  Quantitative Analyst for USAA Bank with duties building and  implementing models for bank stress tests, marketing  programs, and credit risk analyses. Jianhua Z. Huang is a  Professor of Statistics and Arseven/Mitchell Chair in  Astronomical Statistics in the Department of Statistics at  Texas A & M University, USA.},
      url = {http://library.usi.edu/record/1434862},
      doi = {https://doi.org/10.1007/978-3-030-65197-8},
}