The Death of CAPM: A Critical Review

@article{Mirza2005TheDO,
  title={The Death of CAPM: A Critical Review},
  author={Nawazish Mirza and Ghalia Shabbir},
  journal={Lahore Journal of Economics},
  year={2005},
  volume={10},
  pages={35-54}
}
Most behavioral sciences based on rationality have simplistic assumptions; and the same is true about consumption or investment decisions. The aim of such studies is to maximize either utility or wealth. The entire ‘financial economics’ theory revolves around an investor who wants to maximize his return at some given level of risk. To determine the optimal return at a given level of risk or an optimal risk for a given level of return has been widely discussed in the financial literature… 
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