We examine an alternative and equivalent Black and Litterman [1992] formula using classical multivariate analysis which is easier to interpret and which allows more general view formulations than the original formula. Speci fically, the equivalent formula provides more intuitive explanation...

Previous research on insurer cost of equity (COE) focuses on single-period asset pricing models. In reality, however, investment and consumption decisions are made over multiple periods, exposing firms to time-varying risks related to economic cycles and market volatility. We extend the...