Richard Roll, A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)

Backgrounds

• Roll's critique against CAPM
• Quantum Field Theory per se is not refutable for its infinite dimensional nature. CAPM is also infinite dimensional and not refutable
• Fischer Black once said: "The easiest theory to falsify is a theory which is false."

References

• http://en.wikipedia.org/wiki/Roll's_critique
• http://marginalrevolution.com/marginalrevolution/2005/06/fischer_black_a.html