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
| Mualliflar | Usmonov, Bunyod |
|---|---|
| Jurnal | Яшил иқтисодиёт ва тараққиёт |
| Nashr sanasi | 2025-06-01 |
| Jild | 3 |
| Son | 6 |
| Til | Ingliz |
| DOI | 10.5281/zenodo.15788075 |
DOI: 10.5281/zenodo.15788075 · Maqolaning asl sahifasi
CAPM, Uzbekistan, Emerging Markets, Asset Pricing, Financial Market, Tashkent Stock Exchange, Systematic Risk, Beta, Market Efficiency, Financial Reforms
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