Biased Estimators and Unstable Betas

Authors

  • ELTON SCOTT,

    Associate Professor of FinanceSearch for more papers by this author
  • STEWART BROWN

    Associate Professor of FinanceSearch for more papers by this author
    • We are grateful to John M. Campbell Jr., and Warren Mazek for comments and helpful suggestions on this paper. Bruno Solnik merits our special thanks for pointing out a major problem as well as other helpful comments.

Ancillary