Henriksen, Andreas Birkmann; Dyhr Sørensen, Michael - 2022
valuation models are based on single-period asset pricing models, which do not easily carry over to multiperiod settings …’s fundamentals and the associated risk-adjustments.Multi-period asset pricing models suggest that the risk-adjustments should be done … where the risk-adjustments are done in the denominator. A consumption-based capital asset pricing model (CCAPM) is presented …