A skeptical Appraisal of Asset-Pricing Tests

Not the best of news in this one. In fact it is sort of discouraging.Lewellen, Nagel, and Shaken give us a Skeptical Appraisal of Asset-Pricing TestsShort version: we really do not have much of an idea as to what asset pricing model is correct and to make matters worse existing tests may not be showing what we think they do.Longer view:A few quick views in the authors' words:"The finance