الفهرس 
CHAPTER ONEOnly 14 pages are availabe for public view
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Abstract
This study documents four factor sensitivities of excess returns in Egypt in three
different economic environments:[1] Pre-financial crisis (2005 – 2007), [2] postfinancial crisis (2008 – 2010), and [3] post-regime change (2011 – 2013).This study is
placed within the mixed research paradigm that starts inductively and concludes
hypothetico-deductively. The initially inductive study reiterates a line of empirical
asset pricing research pioneered by Fama and French (1992; 1996, 2014), which took
away finance research from pure hypothesis testing into directly learning from data
and eventually earned Eugene Fama the Nobel memorial prize in economic science in
2013. The quantitative study that follows, however, tests the four-factor model of
Fama and French (2014) as a Merton’s (1973) APT model version with a type I error
of 5%, which is typical for social science research. An APT model version thus
exhausts the theoretical framework for this research’s quantitative study. For the first
two periods, the proxy specification model fails to significantly ex plain
contemporaneous variation in excess returns. However, unlike the first two periods,
the third period reconciles significantly with this study’s proxy mod