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Which of the following statements regarding the arbitrage pricing theory (APT) as compared to the capital asset pricing model (CAPM) is least accurate? APT: A. has fewer assumptions than CAPM. B. is often times thought of as a special case of the CAPM. C. is more flexible than CAPM in its application. D. does not require that one of the risk factors is the market portfolio; unlike the CAPM. |