@article {1969131,
	title = {Testing the CAPM across observed and fundamental returns},
	journal = {Applied Financial Economics},
	volume = {21},
	year = {2011},
	month = {2011},
	pages = {625-636},
	abstract = {The CAPM describes a relationship between risk and expected forward-looking returns. Existing research tests the model using realized returns as the proxy for ex-ante expectations. However, recent studies cast doubt on the ability of ex-post observed returns to proxy for ex-ante expectations. Using an alternative specification to proxy for investor expectations, I test the CAPM in the context of pricing size and book/market equities. The results indicate that the CAPM retains additional merit with an improved measure of expectations. However, the value premium appears large and significant across both specifications of expected returns.},
	keywords = {Finance},
	author = {Berger,Dave}
}
@article {1969146,
	title = {Time variability in market risk aversion},
	journal = {Journal of Financial Research},
	volume = {32},
	year = {2009},
	month = {2009},
	pages = {285-307},
	abstract = {We adopt realized covariances to estimate the coefficient of risk aversion across portfolios and through time. Our approach yields second moments that are free from measurement error and not influenced by a specified model for expected returns. Supporting the permanent income hypothesis, we find risk aversion responds to consumption smoothing behavior. As income increases, or as the ratio of consumption-to-income falls, relative risk aversion decreases. We also document variation in risk aversion across portfolios: risk aversion is highest for small and value portfolios.},
	keywords = {Finance},
	url = {http://www.blackwellpublishing.com/journal.asp?ref=0270-2592},
	author = {Berger,Dave and Turtle,Harry J}
}
@article {1976516,
	title = {Time Variability in Market Risk Aversion},
	year = {2008},
	month = {2008},
	keywords = {Finance},
	author = {Berger,Dave}
}
@article {1976521,
	title = {Time variability in market risk aversion},
	year = {2007},
	month = {2007},
	keywords = {Finance},
	author = {Berger,Dave}
}
