“CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined.”

— Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 2, Estimating Expected Return with the Theories of Modern Finance, p. 16

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Robert Haugen 13

American economist 1942–2013

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“CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined.”

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Robert Haugen 13

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