Ciudad Real, España
This research focuses on analysing the US stock market in recent years –specifically the US stock market, that is, Dow Jones index, and six sector portfolios (Financials, Energy, Technology, Health Care, Consumer Discretionary and Telecommunications)-. All sectors achieve higher returns than expected according to the CAPM (except the “Consumer Discretionary” sector). Moreover, this fact is confirmed with the Security Market Line (SML). Thus, these results help investors to choose the most suitable sectors in the investment horizon. Therefore, this research includes relevant implications to portfolio managers to reduce the risk and maximize the return
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