Corrigendum to “Portfolio Theory for α-Symmetric and Pseudoisotropic Distributions: k-Fund Separation and the CAPM”

Abstract EN

In the article titled “Portfolio Theory for α-Symmetric and Pseudoisotropic Distributions: k-Fund Separation and the CAPM,” [1] the rescaling intended to simplify the derivation in the section titled “7.

When Do We Have a Capital Asset Pricing Model?” resulted in an elementary error.

The error was unnoticed because Proposition 14 and Theorem 15 remained mathematically correct; but, having been scaled by dispersion rather than price, the symbol β ended up not being the vector of CAPM betas.