Grouping does not produce a wide range of betas. Consequently, cross-sectional tests of the CAPM are bound to lack power. This paper provides a simple way to alleviate the problem by repackaging the data with zero-weight portfolios. When the CAPM is true and the data are repackaged, simulation...

This paper examines the power of the cross-sectional and multivariate tests of the CAPM under ideal conditions. When the CAPM is true the positively weighted market portfolio is MV-efficient and securities plot on the security market line. When the CAPM is false an alternative asset pricing...

Marine protected areas (MPAs) can positively impact upon marine biodiversity and fisheries returns. Increased fish densities inside MPAs can positively affect catches outside these areas. We examine MPA placement in a transboundary fishery when nations are, and are not, cooperative. We apply a...