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The capital asset pricing model was not intended to be a positive theory of equilibrium in capital markets, but rather a normative theory of how prices should behave if investors acted in a certain way.
💡 解读:
资本资产定价模型并非旨在成为资本市场的实证均衡理论,而是一种规范性理论,描述如果投资者以某种方式行事,价格应如何表现。
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