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Acknowledgement
I would to like to say many thanks to my supervisor, Ian Dobbs, who is always patient and kind to me. Under the teaching and reading my revisions, his emotion understanding and support really help me a lot.  In the same time, also thanks for my parents and friends to encourage me during the written period.

YOU NEED TO GET SOMEONE TO PROOF READ YOUR ENGLISH – THERE ARE MANY WRONG WORDS, CONFUSIONS AND POOR ENGLISH SENTENCE STRUCTURE – I WILL DO A FEW AMENDS AS I GO THROUGH AND MAKE COMMENTS – BUT YOU NEED TO LOOK AT REWRITING THE WHOLE THING AGAIN - SO THAT WHAT YOU HAVE TO SAY IS ADEQUATELY EXPRESSED.

Introduction
The estimation of CAPM betas is important to many applications in finance. Practitioners rely on beta estimates when calculating required future returns, estimating costs of capital, and determining portfolio strategies. A rational investor should measure the risks of stock market investments. Researchers also rely on beta estimates for applications such as determining relative risk, testing asset pricing models, testing trading strategies, and conducting event studies.   [google it and say more]
However, since the future beta is not known, in practice historic beta estimated over some recent period is often used as a proxy for this future beta. Using recently-estimated betas to apply to some future period presumes that the historical betas are good predictors of the future betas. The forecasting method is time series model by the lag variables, further more, it is considered in the up and down markets to predict the beta value. The beta model is based on the regression on a time trend. The regressors in this forecasting equation are deterministic which make the model attractive for forecasting because the future values of the explanatory. REWRITE TO EXPLAIN MORE CLEARLY
The purpose of the study is to use the literature review to summarize more options of the researchers as possible and find the attractive model, which I think from now on recently. I expect my research can offer other scholars to help a lot.
Earlier, there is a research topic about beta and capital asset pricing model (CAPM). Bhardwaj and Brooks (1993), Pettengill, Sundaram and Mathur (1995), Howton and Peterson (1998), Robert Faff (2001) all find the relationship between beta and returns by a dual “bull-bear” beta approach. In this paper, actually whole of my work will overview of all variations on CAPM beta modelling at the present and just focus on more specifically such as dual beta model, furthermore, do a more extensive search. It is necessary that to prove the available dual-beta CAPM. I use the UK data to estimate on a range of stocks from FTSE 100 in the UK market. The UK has some companies and industries, which influence the UK’s economy, market directly, so we need to pay attention to FTSE 100 index specially. For the dual-beta CAPM, I simply use a one–step approach to establish relation between beta and returns, and then do the correct with a dual-beta CAPM under the bull and bear market. I observe strong evidence of a negative (positive) relation between beta and returns when excess market return is negative or positive.
Finally I found this model might be good ones compare with the single market model. The cross-sectional test of Fama and French (1992) provides conclusive evidence of no significant relationship between stock a本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。