A study by Chen,Roll,and Ross in 1986 examined all of the following factors in applying the Arbitrage Pricing Theory (APT)except the A) Return on a market value-weighted return. B) Monthly growth rate in U.S. industrial production. C) Change in the consumer price index (CPI). D) Expected change in the bond credit spread. E) All of the above factors were used in their 1986 study.

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The study by Chen, Roll, and Ross in 1986 examined all the factors mentioned in options A, B, and C, but did not include the expected change in the bond credit spread as a factor in applying the Arbitrage Pricing Theory (APT).

A Study by Chen,Roll,and Ross in 1986 Examined All of the Following