Event study CAPM model和market model 比较

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看到researchgate中 有人po的关于 CAPM和market model比较
请问这句话该怎么理解？为啥larger variance?
The variance of the residual term in the CAPM model is larger than the variance of residual term in the market model (due to the existence of risk free rate), which lead to less powerful tests.

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关键词：event study market model Event study