Ow good is the Arbitrage Pricing Theory as an asset pricing model?

Financial Economics
ESSAY
Limit the length of your essay to one thousand two hundred (1,200) words, excluding tables, charts, figures and the reference section. Parts beyond the word limit will not be considered. Please include a reference section and do not use non-peer reviewed sources such as Wikipedia for your essay. (In fact, you will be penalized if you do not provide a reference section and if you use Wikipedia as a source of reference).

I have added the Theory itself as an attachment
ESSAY
Limit the length of your essay to one thousand two hundred (1,200) words, excluding tables, charts, figures and the reference section. Parts beyond the word limit will not be considered. Please include a reference section and do not use non-peer reviewed sources such as Wikipedia for your essay. (In fact, you will be penalized if you do not provide a reference section and if you use Wikipedia as a source of reference).

Ow good is the Arbitrage Pricing Theory as an asset pricing model?

Limit the length of your essay to one thousand two hundred (1,200) words, excluding tables, charts, figures and the reference section. Parts beyond the word limit will not be considered. Please include a reference section and do not use non-peer reviewed sources such as Wikipedia for your essay. (In fact, you will be penalized if you do not provide a reference section and if you use Wikipedia as a source of reference).