Empirical evidences show that CAPM cannot explain such market anomalies as size effect and momentum effect.

实证中发现CAPM对许多诸如规模效应、惯性效应等的市场异常现象无法作出解释。

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Along with various accumulations of anomalies in financial market, the correctness of Efficient market Hypothesis (EMH) and the Capital Asset Pricing Model (CAPM) has been doubted.

随着金融市场上各种异象的累积，有效市场假说(emh)和资本资产定价模型(CAPM)的权威地位已开始动摇。

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