问题如下：
After obtaining beta, Steve decides to use CAPM to estimate the required return on equity for TMT Industries. The publicly traded peer company that he identified is much larger to TMT Industries by using the Global Industry Classification Standard. Therefore a potential weakness of Steve’s approach to estimating the required return on equity for TMT Industries is that the return estimate:
选项：
A. may overstate potential returns over the long-term.
B. does not consider systematic risk.
C. lacks a size premium.
解释：
C is correct.
考点：Build-up method
解析: C是正确的。TMT行业的规模小于所使用的上市的可比公司，但CAPM模型中不考虑公司规模溢价的调整，而在这种情况下，build-up method可能更合适，因为它除了考虑了股票市场风险溢价，还包括一个或多个由于规模和公司特定风险等因素导致的额外的风险溢价。
为什么答案说CAPM模型不考虑公司规模溢价的调整？老师不是说CAPM中市场风险溢价代替了其他溢价吗？所以应该是CAPM中市场风险溢价包含了规模溢价呀？