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In more recent empirical tests of the capital asset pricing model, additional independent variables were included in tests that, in theory, should not influence an asset’s return. Which of the following ratios did not demonstrate explanatory power for asset returns during these recent tests? A. all of these ratios demonstrated explanatory power. B. earnings-to-price (E/P). C. debt-to-equity (D/E). D. book-to-market (B/M). |