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Marc R. Reinganum, A New Empirical Perspective on the CAPM, The Journal of Financial and Quantitative Analysis, Vol. 16, No. 4, Proceedings of 16th Annual Conference of the Western Finance Association, June 18-20, 1981, Jackson Hole, Wyoming (Nov., 1981), pp. 439-462
Marc R. Reinganum (Sun,) studied this question.