为什么说CAPM前提假设比APT更严格，它们不都是假设非系统性风险被充分分散化吗？
丹丹_品职答疑助手 · 2020年08月17日
嗨，从没放弃的小努力你好：
同学你好，根据原版本书定义，APT假设如下：
Te major assumptions of the APT are as follows:
Asset returns are described by a factor model.
There are many assets, so asset-specifc risk can be eliminated.
Assets are priced such that there are no arbitrage opportunities
而CAPM的假设为：
Investors are risk-averse, utility-maximizing, rational individuals.
Markets are frictionless, including no transaction costs and no taxes
Investors plan for the same single holding period
Investors have homogeneous expectations or beliefs.
由上分析，CAPM对于投资者以及市场的定义更为严格。请知悉
-------------------------------加油吧，让我们一起遇见更好的自己！