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Journal of Finance

Выпуск N3 за 1964 год

Опубликовано на портале: 31-03-2003
William F. Sharpe Journal of Finance. 1964.  Vol. 19. No. 3. P. 425-42. 
Illustrates capital asset prices as a theory of market equilibrium under conditions of risk. Investor's preference function; Allocation of funds; Investment opportunity curve. (Из Ebsco)
ресурс содержит полный текст, либо отрывок из него
Опубликовано на портале: 03-10-2003
William F. Sharpe Journal of Finance. 1964.  Vol. 19. No. 3. P. 425-442. 
One of the problems which has plagued thouse attempting to predict the behavior of capital marcets is the absence of a body of positive of microeconomic theory dealing with conditions of risk/ Althuogh many usefull insights can be obtaine from the traditional model of investment under conditions of certainty, the pervasive influense of risk in finansial transactions has forced those working in this area to adobt models of price behavior which are little more than assertions. A typical classroom explanation of the determinationof capital asset prices, for example, usually begins with a carefull and relatively rigorous description of the process through which individuals preferences and phisical relationship to determine an equilibrium pure interest rate. This is generally followed by the assertion that somehow a market risk-premium is also determined, with the prices of asset adjusting accordingly to account for differences of their risk.
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