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  • Font type and size to be used in your assignments (Times new roman – Size 12pt)
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    • https://www.refme.com/uk/referencing-generator/har…

  • Penalties for contravention of the rules relating to plagiarism
  • Important Notes
    Before final submission, ensure that you have:
    • Answered all parts of the question in sufficient depth.
    • Answered the precise question as worded. Marks will not be awarded for irrelevant material.
    • Used tables and charts efficiently to strengthen your answer.
    • Correctly referenced all sources used in your answer.
    • Checked your word count to ensure it is not too low as this might indicate that you are not answering in sufficient depth.
    • Reread your answer to ensure your description of the context is not too long as marks are only allocated for answering the question.
    • Reread your answer to ensure it is logically structured and that you have added value by making sufficient conclusions.
    Coursework Question
    “…The capital asset pricing theory is the best-known model of risk and return. It is plausible and widely used but far from perfect. Actual returns are related to beta over the long run, but the relationship is not as strong as the CAPM predicts, and other factors seem to explain returns better…” Brealey and Myers.
    Critically evaluate this statement focusing your answer on CAPM’s assumptions, empirical validity and its performance relative to other alternative asset pricing models.
    Related reading
    The literature on the capital asset pricing model is enormous. Below are some of the relevant studies:
    Books
    Brealey, Myers and Allen Principle of finance (12th edition) book. Chapter 8 (and 7).
    Articles
    Bartholdy, J., and Peare, P., (2005), Estimation of expected return: CAPM vs. Fama and French, International Review of Financial Analysis, Vol. 14, pp. 407-427.
    Black, F., (1993), Beta and return, Journal of Portfolio Management, Vol. 20, pp. 8-18.
    Campbell, J.Y., (2000), Asset Pricing at the Millennium, Journal of Finance, Vol. 55, pp. 1515-1567.
    Dempsey, M., (2013), The capital asset pricing model (CAPM): the history of a failed revolutionary idea in finance? Abacus, Vol. 49, pp. 7-23.
    Fama, E.F., (1998), Market efficiency, long-term returns, and behavioural finance, Journal of Financial Economics, Vol. 49, pp. 283-306.
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