Through the empirical studies on the issue of static beta stability , the author has the following findings : ( 1 ) the estimation of beta will not be invariant to the length of the differencing interval over which the returns of stocks are measured . ( 2 ) most stocks have intra - period stable betas . ( 3 ) 总的来看,研究普遍认同导致系数差异的影响因素主要有三大类:宏观经济因素(如经济周期、利率、通货膨胀等) 、公司的基本特征(如公司的规模、财务结构等)和公司的行业类别及所归属的经济部门。
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