PLEASE STRICTLY NO PLAGIARISM. ONLY ANSWER IF YOU CAN EXPLAIN STEP BY STEP WITH GRAPHICAL PRESENTATION.

Critically discuss the Capital Asset Pricing Model (CAPM) the underlying assumptions, its validity, and the criticism against CAPM. Explain the proposed models by the literature as alternatives to the CAPM? Utilise arguments from the theoretical and empirical literature to support your discussions.

Structure your answer for this question into three subsections:

I) introduction;

II) analytical and critical discussions;

III) Conclusion