José Eduardo Gómez-GonzálezElioth Mirsha Sanabria-Buenaventura2026-03-222026-03-22201210.32468/be.697https://doi.org/10.32468/be.697https://andeanlibrary.org/handle/123456789/86432We estimate a non-parametrical Capital Asset Pricing Model (CAPM) and find strong evidence rejecting the classical linear CAPM. Furthermore, we find inconsistent linear betas for a series of stocks in the Colombian stock exchange (BVC), supporting the hypothesis of a better and consistent fitting of non-parametrical versions of the CAPM.enParametric statisticsStock exchangeBusinessSemiparametric modelStock (firearms)EconometricsFinancial economicsCapital asset pricing modelParametric modelEconomicsreport