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The study presents the results of the empirical tests on the relationships between stock returns and various measures of risk in the Hong Kong Equity Market over the period 1980–89. On the whole, the application of the capital asset pricing model in Hong Kong appears weak when monthly data are used. The market risk is only priced for the year 1984–85. The stability is examined further using a different-sized portfolio and the two findings are found to be consistent
Cheung et al. (Mon,) studied this question.
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