Fourty years after its discovery, the CAPM (Capital Asset Pricing Model) is still one of the dominant paradigms in finance. Unfortunately, its poor empirical tests make its application useless. This article discusses the CAPM's shortcomings and the origin of the "value" and "momentum" effects. It also exposes the problems posed by the homogeneous expectations hypothesis. The conditional CAPM is discussed in the article's conclusion which shows that the model cannot be applied and is empirically useless.
AFTALION, F. (2004). Le MEDAF après quarante ans. Bankers, Markets and Investors, pp. 56-60.