Asset Pricing Simultaneities: Phases and Patterns

We show that asset pricing models of return with risk factors that entail either shares or dividends are logically circular simultaneities and thus are fallacious, meaningless, non-interpretable, indeterminate and not valid when tested and estimated by scientific statistical methods. This extends the findings for such models with risk factors that entail price. We also show that stock-split events are not a counter-example. Further we demonstrate that shares-, dividends- and price-entailing asset pricing simultaneities conform to three phases: events, individual risk factors and multifactor return models, and these simultaneities reflect patterns that have a common source which suggests a grand design.