In this paper we propose a simple approach to asset valuation in terms of two characteristics, expected value and expected variability, and their distinct marginal contributions to the value of the market portfolio. The result is shown to correspond to Sharpe's CAPM. We then show that pricing in...

In this paper we propose a simple, intuitive approach to asset valuation in terms of marginal contributions to the characteristics (moments) of the market portfolio. Considering only the first two moments, mean and variance, the valuation equation is shown to correspond to Sharpe's CAPM. A...

Using an ordinal approach to utility, in the spirit of Hicks (1962, 1967a), it is possible to greatly simplify the theory of asset prices. The basic assumption is to summarize any probability distribution into its moments so that preferences over distributions can be mapped into preferences over...

Vista da molto lontano la traiettoria della luna intorno al sole potrebbe essere descritta in modo simile a quella della terra: se non si va per il sottile, terra e luna procedono vicine nella loro rivoluzione intorno al sole.

The purpose of the present paper, in contrast, is to show that Keynes, in The general Theory, thought in more complex terme, referring to an economy made of industries in the Marshallian tradition.

Traditionally the term "finance" has been used to indicate the art of raising funds to realize both public and private spending programs.

Scopo di questo articolo è offrire una valutazione generale del ruolo delle politiche economiche nel processo di crescita dell'economia italiana. L'esame di dati macroeconomici su un arco temporale di quasi quarant'anni rivela che non è possibile segnalare particolari insufficienze della...

Are restrictive monetary policies harmful to growth? The note aims at providing some empirical evidence to answer the question. A significant negative correlation between growth and real interest emerges over the period 1960-94; in the eighties this relationship strengthens. This result is in...

This paper is concerned with the role of the output-capital ratio in growth models. In the first part we highlight the behaviour of the output-capital ratio along the balanced growth path in the models of Solow (1956) and Romer (1986). In the second part we assess the stability of the ratio for...

In the two-factor economy developed by Longstaff and Schwartz (1991) forward and futures prices of default-free bills and bonds are obtained and maturity effects analysed. It is shown that the relationship between futures price volatility and maturity is stochastic so that, as it may be seen...