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In the 1972 Empirical Study by Black, Jensen, and Scholes

Question 4

Multiple Choice

In the 1972 empirical study by Black, Jensen, and Scholes, they found that the estimated slope of the security market line was _______ what the CAPM would predict.


A) flatter than
B) equal to
C) steeper than
D) one-half as much as
E) None of the options are correct.

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