Improving on the CAPM
Copyright policy ) Nipun Agarwal;
Improving on the CAPM
In 1952, Markowitz introduced the Mean-Variance hypothesis, where investors were taken to be value maxinizing and risk averse. Thence, based on the Mean Variance hypothesis and the Liqidity Preference Theory written by Tobin, Charpe constructed the CAPM. Followed by the ICAPM (Metron) and APT (Ross). This paper discusses what deficiencies the CAPM has, and what have French & Fama, Ross, Merton and other theorists realised. Thereafter, I try to give a basic equation to consider this.
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This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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