Cheung, Stephen Yan LeungStephen Yan LeungCheungWong, K.-T.2025-11-262025-11-261992https://repository.sfu.edu.hk/handle/sfu/5217The study presents the results of the empirical tests on the relationships between stock returns and various measures of risk in the Hong Kong Equity Market over the period 1980-89. On the whole, the application of the capital asset pricing model in Hong Kong appears weak when monthly data are used. The market risk is only priced for the year 1984-85. The stability is examined further using a different-sized portfolio and the two findings are found to be consistent.enjournal article10.1080/758536014