Kool, C.J.M.

market error pricing fi rms country factor currency icapm exchange capital pricing error table exposure sample stock / journal journal multifactor icapm fi gure finance estimate rejection difference money return result sample period regression rejection frequencies period percent signi koedijk multifactor alternative beta estimates graph re flects exchange rates model 905–929 percentage summary statistics column pricing error test index asset statistic variance scatter plot factor icapm value exchange rate risk pricing error tests frequency market portfolio portfolio stulz ” beta fi rst element beta errors market index asset pricing models 45° line interest section experiment summary beta estimates company table 3 decomposition null-hypothesi exchange rate factors deviation substitution alternative beta test variance decomposition world signi ficantly paper