Comparative Study of Capital Assets Pricing Models (CAPM) with Extrapolating Capital Assets Pricing Models (X-CAPM) in Tehran Exchange Market

Document Type : Original Article


1 Professor, Faculty of Economic and Management, Science and Research Branch, Islamic Azad University, Tehran, Iran Corresponding author

2 Faculty Member of Islamshahr, Azad University and Phd Candidate of Financial Management, Economic and Management College, Science and Research Branch, Islamic Azad University, Tehran, Iran


The main objective of this article is to present a comparative study of capital assets pricing models (CAPM) with extrapolating capital assets pricing models (X-CAPM) of companies admitted in Tehran Exchange Market which is accomplished for the first time by investigators of this research in Iran. Accordingly, the statistical population under study of this research includes all companies admitted in Tehran Exchange Market form 2006- 2015. The present research method considering the current payment situation, is from descriptive- correlation type. In this research, both methods of gathering information including librarian and field methods are utilized. The required studies about research theoretical bases, research thematic literature, problem backgrounds and research subject have been made by librarian methods and for studying references, theses, and research about the subject internet bases have been used. Also the present research is included in survey researches, regarding its methods. In order to examine the hypotheses of this research, we used multivariate regression model. The findings of research shows the extrapolating capital assets pricing models (X-CAPM),companies admitted in Tehran Exchange Market, hasn’t had high explanatory capability relative to other models, i.e. capital assets pricing models (CAPM), for instance reductive- undesirable capital assets pricing models (D-CAPM), adjustable capital assets pricing models (X-CAPM), interperiod capital assets pricing models, conditional capital assets pricing models (I-CAPM), revised capital assets pricing models (R-CAPM), consumption-based capital assets pricing models (R-CAPM), rewarding capital assets pricing models (RRM), behavioral capital assets pricing models (BAP


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