NO.PZ2020021002000107
问题如下：
In a perfect capital market, all stocks have the same risk premium. Is this statement consistent with CAPM? Explain
解释：
No, the risk premiums for different stocks will not be the same. It is, according to the CAPM:
where cov(Ri, RM) is the covariance between the returns of asset i and the returns of the market portfolio M.
中文解析：该观点与CAPM不符。按照CAPM，股票的风险溢价=（E(RM) - r）* Cov(Ri, RM) / σM2. 不同股票的风险溢价是不一样的。
风险溢价是rm-rf还是贝塔*（rm-rf）
