问题如下：
Compare the assumptions of the arbitrage pricing theory (APT) with those of the capital asset pricing model (CAPM).
选项：
解释：
APT and the CAPM are both models that describe what the expected return on a risky asset should be in equilibrium given its risk. The CAPM is based on a set of assumptions including the assumption that investors’ portfolio decisions can be made considering just returns’ means, variances, and correlations. The APT makes three assumptions:
1. A factor model describes asset returns.
2. There are many assets, so investors can form well-diversified portfolios that eliminate asset-specific risk.
3. No arbitrage opportunities exist among well-diversified portfolios.
题目无法正常显示
