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Published June 1984 | public
Journal Article

A Critical Reexamination of the Empirical Evidence on the Arbitrage Pricing Theory: A Reply


The paper by Dhrymes, Friend, and Gultekin (DFG) in this issie criticizes empirical work on the the Arbitrage Pricing Theory (APT) conducted by ourselves, (RR [3]), and by a number of others. We are honored that such eminent professors as DFG have taken an interest in our work. Unfortunately, the DFG paper contains analysis which might foster misconceptions in the casual reader. Our purpose here is to present a brief, nontechnical comment. We are confident that those who are inclined to study the DFG paper in detail will be able to discern its merit for themselves.

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© 1984 the American Finance Association.

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August 19, 2023
October 20, 2023