Question: As we will see in the next chapter, most tests of the CAPM involve tests on common stock data and perform the tests using the

As we will see in the next chapter, most tests of the CAPM involve tests on data and perform the tests using the S&P index. You have just had a revelation that bonds are also marketable assets and thus should belong in the market return.
Show what effect leaving them out might have on with different characteristics.

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