Resumen de Evidencias empíricas del CAPM en el mercado español de capitales

Ana María Gallego Merino, Joaquín Juan Marhuenda Fructuoso, Juan Carlos Gómez Sala

• The aim of this paper consists mainly of analyzing if the aggregated behaviour ofinvestors in the Spanish capital market corresponds with the risk-return relationshiphypothesized by CAP models. In our country little empirical work has been done usinggrouping of assets in portfolios. Different tests using two altemative rnethodologies arecanied out: the already mentioned "approach using grouping of portfolios" (Black-Jensen-Scholes, 1972) and the "perspective of individual assets" as raised by Litzemberger-Ramaswamy (1979).