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We study two-period pure-exchange Capital Asset Pricing Model (CAPM) economies, for given degrees of incompleteness of …
Persistent link: https://www.econbiz.de/10005792424
A Capital Asset Pricing Model of a stock market economy is examined under different corporate governance structures in which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned with those of shareholders and investors because of...
Persistent link: https://www.econbiz.de/10005124325
volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …
Persistent link: https://www.econbiz.de/10005504526
primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of …
Persistent link: https://www.econbiz.de/10005662195