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Notes for The Berkeley Program in Finance on "Are Betas Irrelevant? Evidence and Implications for Asset Management," September 13-15, 1992, Santa Barbara, California. Jagannathan, Ravi, and Zhenyu Wang, 1993, The CAPM is alive and well, Staff report 165, Federal Reserve Bank of Minneapolis. Jegadeesh, Narasimhan, 1992, Does market risk really describe the size effects?

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