Evaluating the capital asset pricing model methodology in Uzbekistan companies

Usmonov, Bunyod

Яшил иқтисодиёт ва тараққиёт · 2025-yil

Annotatsiya

This article evaluates the applicability of the Capital Asset Pricing Model (CAPM) in the context of Uzbekistan'sevolving financial market. While CAPM serves as a foundational framework for linking risk and expected return in financialtheory, its underlying assumptions often diverge significantly from the realities of emerging economies. This studyexamines the theoretical underpinnings of CAPM, reviews academic criticisms, and analyzes the specific challengesposed by Uzbekistan's unique market characteristics, including its ongoing reforms, market structure, and data availability.A conceptual framework for empirical analysis is presented, outlining expected findings based on existing literature onemerging markets, given the current limitations in accessible granular data. The analysis concludes that the direct,unadjusted application of CAPM in Uzbekistan is likely to yield unreliable results due to systematic violations of its coreassumptions and difficulties in parameter estimation. The article suggests that while CAPM provides a useful theoreticallens, practical application necessitates substantial adjustments or the consideration of alternative, multi-factor models.Furthermore, it highlights key areas for future research and policy recommendations aimed at fostering a more mature,transparent, and efficient capital market in Uzbekistan

Maqola ma’lumotlari
MualliflarUsmonov, Bunyod
JurnalЯшил иқтисодиёт ва тараққиёт
NashriyotТошкент давлат иқтисодиёт университети
ISSN2992-8982
Nashr sanasi2025-06-01
Jild3
Son6
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.5281/zenodo.15788075
Indeksga qo‘shilgan2026-08-26

DOI: 10.5281/zenodo.15788075 · Maqolaning asl sahifasi

Kalit so‘zlar

CAPM, Uzbekistan, Emerging Markets, Asset Pricing, Financial Market, Tashkent Stock Exchange, Systematic Risk, Beta, Market Efficiency, Financial Reforms

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAUsmonov, Bunyod (2025). Evaluating the capital asset pricing model methodology in Uzbekistan companies. Яшил иқтисодиёт ва тараққиёт, 3(6). https://doi.org/10.5281/zenodo.15788075
GOST (OAK)Usmonov, Bunyod Evaluating the capital asset pricing model methodology in Uzbekistan companies // Яшил иқтисодиёт ва тараққиёт. – 2025. – T. 3, № 6. – DOI: 10.5281/zenodo.15788075.
MLAUsmonov, Bunyod. “Evaluating the capital asset pricing model methodology in Uzbekistan companies.” Яшил иқтисодиёт ва тараққиёт, 3(6), 2025. https://doi.org/10.5281/zenodo.15788075
ChicagoUsmonov, Bunyod. “Evaluating the capital asset pricing model methodology in Uzbekistan companies.” Яшил иқтисодиёт ва тараққиёт, 3(6) (2025). https://doi.org/10.5281/zenodo.15788075
HarvardUsmonov, Bunyod (2025) ‘Evaluating the capital asset pricing model methodology in Uzbekistan companies’, Яшил иқтисодиёт ва тараққиёт, 3(6). https://doi.org/10.5281/zenodo.15788075
BibTeX
@article{usmonovbunyod2025,
  title = {Evaluating the capital asset pricing model methodology in Uzbekistan companies},
  author = {Usmonov, Bunyod},
  journal = {Яшил иқтисодиёт ва тараққиёт},
  year = {2025},
  volume = {3},
  number = {6},
  doi = {10.5281/zenodo.15788075},
  url = {https://doi.org/10.5281/zenodo.15788075}
}

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