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    Richard Roll's critique to CAPM

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    In his critique of the CAPM, Richard Roll (1977) argued that the CAPM

    a) is not testeable because the true market portfolio can never be observed
    b) is of limited use because systematic risk can never be enterely eliminated
    c) should be replaced by the APT
    d) all of the above

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    Solution Summary

    Response discusses the Richard Roll's critique to CAPM