Black, Jensen, and Scholes (BJS) (1972) tested the CAPM using the market model. Why did they use

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Black, Jensen, and Scholes (BJS) (1972) tested the CAPM using the market model. Why did they use portfolios rather than individual stocks in their tests?

How were the portfolios formed for their tests? Write the t-test that they performed to test whether the αp for a portfolio was not equal to zero. What were the three main findings of their study? What did they conclude about the CAPM?

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