The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
The Capital Asset Pricing Model
Abstract
The Capital Asset Pricing Model (CAPM) revolutionized modern finance. Developed in the early 1960s by William Sharpe, Jack Treynor, John Lintner and Jan Mossin, the model provided the first coherent framework for relating the required return on an investment to the risk of that investment. This paper lays out the key ideas of the model, places its development in a historical context, and discusses its applications and enduring importance to the field of finance.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*
Sharpe, W. F. (1964) · The Journal of Finance · doi:10.1111/j.1540-6261.1964.tb02865.x · Cited by 19,441
The Cross‐Section of Expected Stock Returns
FAMA, E. F., & FRENCH, K. R. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04398.x · Cited by 17,261
Theory of games and economic behavior
(2019) · 100 Years of Math Milestones · doi:10.1090/mbk/121/32 · Cited by 16,632
The Cost of Capital, Corporation Finance and the Theory of Investment
Miller, M. H. (1958) · American Economic Review · Cited by 14,574
Risk, Return, and Equilibrium: Empirical Tests
Fama, E. F., & MacBeth, J. D. (1973) · Journal of Political Economy · doi:10.1086/260061 · Cited by 14,258
(1993) · Journal of the American Dietetic Association · doi:10.1016/0002-8223(93)92196-5 · Cited by 11,976
The arbitrage theory of capital asset pricing
Ross, S. A. (1976) · Journal of Economic Theory · doi:10.1016/0022-0531(76)90046-6 · Cited by 7,009
Lintner, J. (1965) · The Review of Economics and Statistics · doi:10.2307/1924119 · Cited by 6,877
(2001) · Empirical Direction in Design and Analysis · doi:10.4324/9781410600004-24 · Cited by 6,808
Lintner, J. (1975) · Stochastic Optimization Models in Finance · doi:10.1016/b978-0-12-780850-5.50018-6 · Cited by 6,743
Cited by
The Cross-section of Expected Stock Returns
Lewellen, J. (2015) · Critical Finance Review · doi:10.1561/104.00000024 · Cited by 407
Investor sentiment in the stock market
Baker, M., & Wurgler, J. (2007) · Journal of Economic Perspectives · doi:10.1257/jep.21.2.129 · Cited by 94
Metadata
- Authors
- Perold, A. F.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2004-08-01
- Volume
- 18
- Issue
- 3
- Pages
- 3-24
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2128722040
- Cited by
- 357
- References
- 33
- FWCI
- 16.83
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: The Capital Asset Pricing Model. https://app.cochat.ai/papers/10.1257/0895330042162340
- The paper
- Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives. https://doi.org/10.1257/0895330042162340
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
