Unanticipated Inflation

One of the factors in the APT model specified by Chen, Roll, and Ross is the percent change in unanticipated inflation. Who gains and who loses when inflation levels change? Go to http://hussmanfunds.com/rsi/infsurprises.htm to see a graph of an Inflation Surprise Index and Economists' Inflation Forecasts.

APT versus CAPM

The APT attempts to estimate the risk premium by identifying multiple systematic factors. See the interview with William Sharpe (www.stanford.edu/~wfsharpe/art/djam/djam.htm) where he discusses the CAPM as well as APT methods. To whom does Dr. Sharpe give credit for providing the basis of his CAPM theory and what are his comments concerning the APT?