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We compute the correlations of the annual stock returns (1989-2008) of the Dow Jones companies with a) Rm; and with b) Rm; and find that the second correlation (assuming beta = 1 for all companies) is higher than the first one, on average, and for all companies except Caterpillar and General Motors. Rm is the return of the SP b) monthly data of last 2 years; c) weekly data of last 5 years; d) daily data of last 5 years. We find similar results with the four betas. Despite this results, Fernandez (2009) reports that 97.3 % of the professors that justify the betas use regressions, webs, databases, textbooks or papers (the paper specifies which ones), although many of them admit that calculated betas "are poorly measured and have many problems". Only 0.9% of the professors justified the beta using exclusively personal judgments.

Beta = 1 Does a Better Job than Calculated Betas