Roll challenged whether the CAPM could ever be tested at all

Evidence

In 1977, Richard Roll, who had been Eugene Fama’s Ph.D. student at the University of Chicago, went beyond specific empirical criticisms to cast into doubt whether it was possible to test the Capital Asset Pricing Model at all. — Donald MacKenzie, An Engine, Not a Camera, 402

Categorization

• XREF: connects to: The CAPM may be true but can never be empirically tested — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 404; Empirical testing can only fail to disconfirm, never confirm, models like the CAPM — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 408

Broader Connections

• Empirical testing can only fail to disconfirm, never confirm, models like the CAPM #expands (0.85) — Donald MacKenzie, An Engine, Not a Camera, 408