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Fama and MacBeth (1973)found That the Relationship Between Average Excess

Question 15

Multiple Choice

Fama and MacBeth (1973) found that the relationship between average excess returns and betas was _______.


A) linear
B) nonexistent
C) as expected, based on earlier studies
D) Fama and MacBeth did not examine the relationship between excess returns and beta
E) A and C

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