Asset pricing for dynamic economies:
Gespeichert in:
| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
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Cambridge [u.a.]
Cambridge Univ. Press
2008
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| Ausgabe: | 1. publ. |
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| Beschreibung: | XVI, 584 S. graph. Darst. |
| ISBN: | 9780521699143 9780521875851 |
Internformat
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| 245 | 1 | 0 | |a Asset pricing for dynamic economies |c Sumru Altug and Pamela Labadie |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Cambridge [u.a.] |b Cambridge Univ. Press |c 2008 | |
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Datensatz im Suchindex
| _version_ | 1804137690925367296 |
|---|---|
| adam_text | Titel: Asset pricing for dynamic economies
Autor: Altuğ, Sumru
Jahr: 2008
Contents
List of figures page xi
List of tables xii
Preface xiii
I BASIC CONCEPTS I
1 Complete contingent claims 3
1.1. A one-period model 3
1.1.1. Contingent claims equilibrium 5
1.1.2. Computing the equilibrium 6
1.1.3. Pareto optimal allocations u
1.2. Security market equilibrium u
1.2.1. Definition 12
1.2.2. Attaining a CCE by an SME 16
1.2.3. The Pareto optimum and the representative consumer 20
1.3. Conclusions 22
1.4. Exercises 22
2 Arbitrage and asset valuation 25
2.1. Absence of arbitrage: some definitions 25
2.1.1. The law of one price 27
2.1.2. Arbitrage opportunities 30
2.2. Existence of a state-price vector 32
2.2.1. Risk-free asset 34
2.2.2. Risk-neutral pricing 35
2.2.3. The stochastic discount factor 37
2.3. Binomial security markets 38
2.3.1. An economy with two dates 39
2.3.2. A multi-period economy 41
2.4. Conclusions 47
2.j. Exercises 47
3 Expected utility 51
3.1. Expected utility preferences 51
3.1.1. Some definitions 51
3.2. Risk aversion 54
3.3. One-period expected utility analysis 56
3.3.1. The risk premium 58
vi Contents
3.3.2. Measures of risk aversion 58
5.3.3. Risk aversion in a portfolio choice problem 61
3.4. Measures of increasing risk 63
3.5. Conclusions 67
3.6. Exercises 67
4 CAPM and APT 72
4.1. The capital asset-pricing model 72
4.1.1. The discount factor 72
4.1.2. Expected utility maximization 74
4.1.3. Alternative derivations 77
4.2. Arbitrage pricing theory 80
4.3. Conclusions 83
4.4. Exercises 83
5 Consumption and saving 86
5.1. A deterministic economy 86
5.1.1. Properties of the saving function 88
5.1.2. Optimal consumption over time 90
5.2. Portfolio choice under uncertainty 94
5.3. A more general problem 95
5.3.1. Precautionary saving 100
5.4. Conclusions 103
5.5. Exercises 104
II RECURSIVE MODELS 107
6 Dynamic programming 109
6.1. A deterministic growth problem 109
6.1.1. Guess-and-verify Hi
6.1.2. Finite horizon economies 113
6.2. Mathematical preliminaries 115
6.2.1. Markov processes 116
6.2.2. Vector space methods 118
6.2.3. Contraction mapping theorem 122
6.3. A consumption-saving problem under uncertainty 126
6.4. Exercises 129
7 Intertemporal risk sharing 133
7.1. Multi-period contingent claims 133
7.1.1. Aggregate uncertainty 134
7.1.2. Central planning problem 139
7.1.3. Sequential trading 14°
7.1.4. Implications for pricing assets 145
7.2. Idiosyncratic endowment risk 146
7.2.1. Notation 147
7.2.2. The economy 148
7.2.3. Complete contingent claims H9
7.2.4. Dynamic programming 151
Contents vii
7.3. Risk sharing with idiosyncratic and aggregate risk 153
7.3.1. First-best solution 154
7.4. Conclusions ^9
7.5. Exercises ^o
8 Consumption and asset pricing 162
8.1. The consumption-based CAPM 162
8.1.1. Recursive competitive equilibrium 164
8.1.2. Asset-pricing functions 167
8.1.3. Riskpremia 171
8.1.4. Volatility bounds for intertemporal MRSs 175
8.1.5. The equity premium puzzle 178
8.2. Pricing alternative assets 180
8.2.1. Discount bonds and the yield curve 180
8.2.2. Pricing derivative instruments 186
8.2.3. The Black-Scholes options pricing formula 188
8.3. A growing economy 191
8.3.1. Cointegration in asset-pricing relations 195
8.4. Conclusions 198
8.5. Exercises 199
9 Non-separable preferences 202
9.1. Non-time-additive preferences 202
9.1.1. Habit persistence and consumption durability 203
9.1.2. A more general specification 204
9.1.3. A recursive framework 206
9.1.4. Pricing durable consumption goods 209
9.1.5. Asset-pricing relations 210
9.1.6. Log-linear asset-pricing formulas 213
9.2. Non-expected utility 215
9.2.1. Recursive preferences under certainty 215
9.2.2. The role of temporal lotteries 217
9.2.3. Properties of non-expected utility preferences 220
9.2.4. Optimal consumption and portfolio choices 223
9.3. Tests of asset-pricing relations 228
9.4. A model with an external habit 231
9.5. Conclusions 235
9.6. Exercises 235
10 Economies with production 239
10.1. Recursive competitive equilibrium with production 240
10.1.1. Households own the capital stock 241
10.1.2. Households lease capital to firms 246
10.2. Extensions 248
10.2.1. Economies with distortions 248
10.2.2. The role of expectations 252
10.3. Solving models with production 255
10.3.1. A parametric model 256
10.3.2. The stationary distribution 260
10.4. Financial structure of a firm 262
viii Contents
10.4.1. The irrelevance of debt versus equity financing 266
10.4.2. The equity price and the equity premium 267
10.4.3. Empirical implications 269
10.4.4. Taxes and the debt-equity ratio 273
10.5. Conclusions 277
Appendix: The invariant distribution 278
10.6. Exercises 282
11 Investment 285
n.i. The neoclassical model of investment 286
11.2. The Q theory adjustment-cost model of investment 288
11.2.1. The Q theory of investment 288
n.2.2. Adjustment costs 288
11.2.3. The social planner s problem 289
11.2.4. The market economy 291
11.2.5. Asset-pricing relations 295
11.3. Irreversible investment 296
n.3.1. A model with partial irreversibiliry and expandability 297
11.3.2. A model of irreversible investment 305
11.4. An asset-pricing model with irreversible investment 307
n.4.1. The model 307
n.4.2. The social planner s problem 308
11.4.3. The competitive equilibrium 314
11.4.4. The value of the firm and Q 319
n.4.5. The relation among stock returns, investment, and Q 321
11.5. Conclusions 323
11.6. Exercises 323
12 Business cycles 326
12.1. Business cycle facts 327
12.2. Shocks and propagation mechanisms 331
12.3. Real business cycle models 333
12.3.1. An RBC model 335
12.3.2. A model with indivisible labor supply 338
12.3.3. Other puzzles 342
12.4. Solving business cycle models 346
12.4.1. Quadratic approximation 346
12.5. Business cycle empirics 352
12.5.1. Dynamic factor analysis 353
12.5.2. ML and GMM estimation approaches 357
12.5.3. A New Keynesian critique 360
12.6. Conclusions 366
12.7. Exercises 367
III MONETARY AND INTERNATIONAL MODELS 371
13 Models with cash-in-advance constraints 373
13.1. Evil is the root of all money 374
13.2. The basic cash-in-advance model 376
Contents ix
13.2.i. Solution for velocity 383
13.2.2. Empirical results 385
13.2.3. Inflation risk and the inflation premium 386
13.2.4. Velocity shock 389
13.3. Inflation and interest rates 390
13.4. Transactions services model 394
13.5. Growing economies 399
13.6. Money and real activity 401
13.6.1. Consumption-leisure choices 402
13.6.2. Business cycle implications 410
13.7. Conclusions 416
13.8. Exercises 417
14 International asset markets 422
14.1. A two-country model 423
14.2. International monetary model 430
14.2.1. The terms of trade and the exchange rate 435
14.2.2. Pricing alternative assets 439
14.3. Variants of the basic model 444
14.3.1. Non-traded goods 444
14.3.2. Exchange rates and international capital flows 448
14.4. Conclusions 456
14.5. Exercises 456
IV MODELS WITH MARKET INCOMPLETENESS 459
15 Asset pricing with frictions 461
15.1. The role of idiosyncratic risk for asset pricing 462
15.2. Transactions costs 467
15.2.1. A model with bid-ask spreads 469
15.3. Volatility bounds with frictions 472
15.4. Conclusions 475
15.5. Exercises 476
16 Borrowing constraints 478
16.1. Idiosyncratic risk and borrowing constraints 479
16.1.1. The basic model 480
16.1.2. Restrictions on markets 480
16.1.3. Pure insurance economy 481
16.1.4. Pure credit model 484
16.1.5. Asset span 491
16.2. Townsend turnpike model 492
16.2.1. Description of the model 493
16.2.2. Borrowing-constrained households 496
16.2.3. Borrowing constraints as netting schemes 498
16.2.4. Liquidity-constrained households 500
16.2.5. Debt-constrained economies 501
16.3. Conclusions 502
16.4. Exercises 502
x Contents
17 Overlapping generations models 504
17.1. The environment 505
17.1.1. Primitives 505
17.1.2. Autarky in the absence of an outside asset 506
17.2. The stochastic overlapping generations model 508
17.2.1. Central planning problem 510
17.2.2. Equal-treatment Pareto-optimal solution 514
17.3. Competitive equilibrium 515
17.3.1. Deterministic economy 515
17.3.2. Fiat money 517
17.3.3. The stochastic economy 518
17.4. Equity pricing in a growing economy 526
17.4.1. Risk premia 529
17.5. Capital accumulation and social security 533
17.5.1. Social security 540
17.6. Conclusions 542
17.7. Exercises 542
V SUPPLEMENTARY MATERIAL 547
A Mathematical appendix 549
A.i Stochastic processes 549
A.2 Some useful theorems 553
Bibliography 558
Index 581
List of figures
i.i The consumer s optimum in an economy with two states page 8
2.1 Three-period binomial tree 41
3.1 Expected utility indifference curves 53
3.2 Attitudes towards risk 56
3.3 First-order stochastic dominance 64
3.4 Mean-preserving spread 66
4.1 Security market line 77
5.1 Consumer s first-order conditions 87
5.2 Alternating deterministic endowment 93
6.1 Plots of pn(t) for n = 2,3 121
6.2 A fixed point on the real line 123
8.1 Mean-variance frontier for MRSs 176
9.1 Early versus late resolution of uncertainty 218
10.1 Configurations of capital stocks 242
10.2 Optimal consumption and capital stocks 245
10.3 Stationary distribution for the capital stock 261
12.1 Amplitude and duration of a business cycle 328
12.2 Impulse responses to a shock in technology 353
13.1 Timing of trades in the Lucas model 379
13.2 Timing of trades in the consumption/leisure model 404
A.i An upper hemi-continuous correspondence 555
A.2 A lower hemi-continuous correspondence 556
List of tables
2.1 An economy with four dates and two states page 45
10.1 Optimal savings levels as a function of (k, z) 259
10.2 Unconditional moments of consumption, capital
stock and output 262
12.1 Cyclical properties of key variables 352
xn
|
| adam_txt |
Titel: Asset pricing for dynamic economies
Autor: Altuğ, Sumru
Jahr: 2008
Contents
List of figures page xi
List of tables xii
Preface xiii
I BASIC CONCEPTS I
1 Complete contingent claims 3
1.1. A one-period model 3
1.1.1. Contingent claims equilibrium 5
1.1.2. Computing the equilibrium 6
1.1.3. Pareto optimal allocations u
1.2. Security market equilibrium u
1.2.1. Definition 12
1.2.2. Attaining a CCE by an SME 16
1.2.3. The Pareto optimum and the representative consumer 20
1.3. Conclusions 22
1.4. Exercises 22
2 Arbitrage and asset valuation 25
2.1. Absence of arbitrage: some definitions 25
2.1.1. The law of one price 27
2.1.2. Arbitrage opportunities 30
2.2. Existence of a state-price vector 32
2.2.1. Risk-free asset 34
2.2.2. Risk-neutral pricing 35
2.2.3. The stochastic discount factor 37
2.3. Binomial security markets 38
2.3.1. An economy with two dates 39
2.3.2. A multi-period economy 41
2.4. Conclusions 47
2.j. Exercises 47
3 Expected utility 51
3.1. Expected utility preferences 51
3.1.1. Some definitions 51
3.2. Risk aversion 54
3.3. One-period expected utility analysis 56
3.3.1. The risk premium 58
vi Contents
3.3.2. Measures of risk aversion 58
5.3.3. Risk aversion in a portfolio choice problem 61
3.4. Measures of increasing risk 63
3.5. Conclusions 67
3.6. Exercises 67
4 CAPM and APT 72
4.1. The capital asset-pricing model 72
4.1.1. The discount factor 72
4.1.2. Expected utility maximization 74
4.1.3. Alternative derivations 77
4.2. Arbitrage pricing theory 80
4.3. Conclusions 83
4.4. Exercises 83
5 Consumption and saving 86
5.1. A deterministic economy 86
5.1.1. Properties of the saving function 88
5.1.2. Optimal consumption over time 90
5.2. Portfolio choice under uncertainty 94
5.3. A more general problem 95
5.3.1. Precautionary saving 100
5.4. Conclusions 103
5.5. Exercises 104
II RECURSIVE MODELS 107
6 Dynamic programming 109
6.1. A deterministic growth problem 109
6.1.1. Guess-and-verify Hi
6.1.2. Finite horizon economies 113
6.2. Mathematical preliminaries 115
6.2.1. Markov processes 116
6.2.2. Vector space methods 118
6.2.3. Contraction mapping theorem 122
6.3. A consumption-saving problem under uncertainty 126
6.4. Exercises 129
7 Intertemporal risk sharing 133
7.1. Multi-period contingent claims 133
7.1.1. Aggregate uncertainty 134
7.1.2. Central planning problem 139
7.1.3. Sequential trading 14°
7.1.4. Implications for pricing assets 145
7.2. Idiosyncratic endowment risk 146
7.2.1. Notation 147
7.2.2. The economy 148
7.2.3. Complete contingent claims H9
7.2.4. Dynamic programming 151
Contents vii
7.3. Risk sharing with idiosyncratic and aggregate risk 153
7.3.1. First-best solution 154
7.4. Conclusions ^9
7.5. Exercises ^o
8 Consumption and asset pricing 162
8.1. The consumption-based CAPM 162
8.1.1. Recursive competitive equilibrium 164
8.1.2. Asset-pricing functions 167
8.1.3. Riskpremia 171
8.1.4. Volatility bounds for intertemporal MRSs 175
8.1.5. The "equity premium puzzle" 178
8.2. Pricing alternative assets 180
8.2.1. Discount bonds and the yield curve 180
8.2.2. Pricing derivative instruments 186
8.2.3. The Black-Scholes options pricing formula 188
8.3. A growing economy 191
8.3.1. Cointegration in asset-pricing relations 195
8.4. Conclusions 198
8.5. Exercises 199
9 Non-separable preferences 202
9.1. Non-time-additive preferences 202
9.1.1. Habit persistence and consumption durability 203
9.1.2. A more general specification 204
9.1.3. A recursive framework 206
9.1.4. Pricing durable consumption goods 209
9.1.5. Asset-pricing relations 210
9.1.6. Log-linear asset-pricing formulas 213
9.2. Non-expected utility 215
9.2.1. Recursive preferences under certainty 215
9.2.2. The role of temporal lotteries 217
9.2.3. Properties of non-expected utility preferences 220
9.2.4. Optimal consumption and portfolio choices 223
9.3. Tests of asset-pricing relations 228
9.4. A model with an external habit 231
9.5. Conclusions 235
9.6. Exercises 235
10 Economies with production 239
10.1. Recursive competitive equilibrium with production 240
10.1.1. Households own the capital stock 241
10.1.2. Households lease capital to firms 246
10.2. Extensions 248
10.2.1. Economies with distortions 248
10.2.2. The role of expectations 252
10.3. Solving models with production 255
10.3.1. A parametric model 256
10.3.2. The stationary distribution 260
10.4. Financial structure of a firm 262
viii Contents
10.4.1. The irrelevance of debt versus equity financing 266
10.4.2. The equity price and the equity premium 267
10.4.3. Empirical implications 269
10.4.4. Taxes and the debt-equity ratio 273
10.5. Conclusions 277
Appendix: The invariant distribution 278
10.6. Exercises 282
11 Investment 285
n.i. The neoclassical model of investment 286
11.2. The Q theory adjustment-cost model of investment 288
11.2.1. The Q theory of investment 288
n.2.2. Adjustment costs 288
11.2.3. The social planner's problem 289
11.2.4. The market economy 291
11.2.5. Asset-pricing relations 295
11.3. Irreversible investment 296
n.3.1. A model with partial irreversibiliry and expandability 297
11.3.2. A model of irreversible investment 305
11.4. An asset-pricing model with irreversible investment 307
n.4.1. The model 307
n.4.2. The social planner's problem 308
11.4.3. The competitive equilibrium 314
11.4.4. The value of the firm and Q 319
n.4.5. The relation among stock returns, investment, and Q 321
11.5. Conclusions 323
11.6. Exercises 323
12 Business cycles 326
12.1. Business cycle facts 327
12.2. Shocks and propagation mechanisms 331
12.3. Real business cycle models 333
12.3.1. An RBC model 335
12.3.2. A model with indivisible labor supply 338
12.3.3. Other "puzzles" 342
12.4. Solving business cycle models 346
12.4.1. Quadratic approximation 346
12.5. Business cycle empirics 352
12.5.1. Dynamic factor analysis 353
12.5.2. ML and GMM estimation approaches 357
12.5.3. A New Keynesian critique 360
12.6. Conclusions 366
12.7. Exercises 367
III MONETARY AND INTERNATIONAL MODELS 371
13 Models with cash-in-advance constraints 373
13.1. "Evil is the root of all money" 374
13.2. The basic cash-in-advance model 376
Contents ix
13.2.i. Solution for velocity 383
13.2.2. Empirical results 385
13.2.3. Inflation risk and the inflation premium 386
13.2.4. Velocity shock 389
13.3. Inflation and interest rates 390
13.4. Transactions services model 394
13.5. Growing economies 399
13.6. Money and real activity 401
13.6.1. Consumption-leisure choices 402
13.6.2. Business cycle implications 410
13.7. Conclusions 416
13.8. Exercises 417
14 International asset markets 422
14.1. A two-country model 423
14.2. International monetary model 430
14.2.1. The terms of trade and the exchange rate 435
14.2.2. Pricing alternative assets 439
14.3. Variants of the basic model 444
14.3.1. Non-traded goods 444
14.3.2. Exchange rates and international capital flows 448
14.4. Conclusions 456
14.5. Exercises 456
IV MODELS WITH MARKET INCOMPLETENESS 459
15 Asset pricing with frictions 461
15.1. The role of idiosyncratic risk for asset pricing 462
15.2. Transactions costs 467
15.2.1. A model with bid-ask spreads 469
15.3. Volatility bounds with frictions 472
15.4. Conclusions 475
15.5. Exercises 476
16 Borrowing constraints 478
16.1. Idiosyncratic risk and borrowing constraints 479
16.1.1. The basic model 480
16.1.2. Restrictions on markets 480
16.1.3. Pure insurance economy 481
16.1.4. Pure credit model 484
16.1.5. Asset span 491
16.2. Townsend turnpike model 492
16.2.1. Description of the model 493
16.2.2. Borrowing-constrained households 496
16.2.3. Borrowing constraints as netting schemes 498
16.2.4. Liquidity-constrained households 500
16.2.5. Debt-constrained economies 501
16.3. Conclusions 502
16.4. Exercises 502
x Contents
17 Overlapping generations models 504
17.1. The environment 505
17.1.1. Primitives 505
17.1.2. Autarky in the absence of an outside asset 506
17.2. The stochastic overlapping generations model 508
17.2.1. Central planning problem 510
17.2.2. Equal-treatment Pareto-optimal solution 514
17.3. Competitive equilibrium 515
17.3.1. Deterministic economy 515
17.3.2. Fiat money 517
17.3.3. The stochastic economy 518
17.4. Equity pricing in a growing economy 526
17.4.1. Risk premia 529
17.5. Capital accumulation and social security 533
17.5.1. Social security 540
17.6. Conclusions 542
17.7. Exercises 542
V SUPPLEMENTARY MATERIAL 547
A Mathematical appendix 549
A.i Stochastic processes 549
A.2 Some useful theorems 553
Bibliography 558
Index 581
List of figures
i.i The consumer's optimum in an economy with two states page 8
2.1 Three-period binomial tree 41
3.1 Expected utility indifference curves 53
3.2 Attitudes towards risk 56
3.3 First-order stochastic dominance 64
3.4 Mean-preserving spread 66
4.1 Security market line 77
5.1 Consumer's first-order conditions 87
5.2 Alternating deterministic endowment 93
6.1 Plots of pn(t) for n = 2,3 121
6.2 A fixed point on the real line 123
8.1 Mean-variance frontier for MRSs 176
9.1 Early versus late resolution of uncertainty 218
10.1 Configurations of capital stocks 242
10.2 Optimal consumption and capital stocks 245
10.3 Stationary distribution for the capital stock 261
12.1 Amplitude and duration of a business cycle 328
12.2 Impulse responses to a shock in technology 353
13.1 Timing of trades in the Lucas model 379
13.2 Timing of trades in the consumption/leisure model 404
A.i An upper hemi-continuous correspondence 555
A.2 A lower hemi-continuous correspondence 556
List of tables
2.1 An economy with four dates and two states page 45
10.1 Optimal savings levels as a function of (k, z) 259
10.2 Unconditional moments of consumption, capital
stock and output 262
12.1 Cyclical properties of key variables 352
xn |
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| author | Altuğ, Sumru 1951- Labadie, Pamela 1953- |
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| edition | 1. publ. |
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| id | DE-604.BV023338922 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:00:55Z |
| indexdate | 2024-07-09T21:16:19Z |
| institution | BVB |
| isbn | 9780521699143 9780521875851 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016522736 |
| oclc_num | 213400650 |
| open_access_boolean | |
| owner | DE-945 DE-20 DE-12 DE-11 DE-384 DE-N2 DE-355 DE-BY-UBR |
| owner_facet | DE-945 DE-20 DE-12 DE-11 DE-384 DE-N2 DE-355 DE-BY-UBR |
| physical | XVI, 584 S. graph. Darst. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Cambridge Univ. Press |
| record_format | marc |
| spelling | Altuğ, Sumru 1951- Verfasser (DE-588)129220140 aut Asset pricing for dynamic economies Sumru Altug and Pamela Labadie 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2008 XVI, 584 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Capital assets pricing model Capital-Asset-Pricing-Modell (DE-588)4121078-5 gnd rswk-swf Capital-Asset-Pricing-Modell (DE-588)4121078-5 s DE-604 Labadie, Pamela 1953- Verfasser (DE-588)137484208 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016522736&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Altuğ, Sumru 1951- Labadie, Pamela 1953- Asset pricing for dynamic economies Capital assets pricing model Capital-Asset-Pricing-Modell (DE-588)4121078-5 gnd |
| subject_GND | (DE-588)4121078-5 |
| title | Asset pricing for dynamic economies |
| title_auth | Asset pricing for dynamic economies |
| title_exact_search | Asset pricing for dynamic economies |
| title_exact_search_txtP | Asset pricing for dynamic economies |
| title_full | Asset pricing for dynamic economies Sumru Altug and Pamela Labadie |
| title_fullStr | Asset pricing for dynamic economies Sumru Altug and Pamela Labadie |
| title_full_unstemmed | Asset pricing for dynamic economies Sumru Altug and Pamela Labadie |
| title_short | Asset pricing for dynamic economies |
| title_sort | asset pricing for dynamic economies |
| topic | Capital assets pricing model Capital-Asset-Pricing-Modell (DE-588)4121078-5 gnd |
| topic_facet | Capital assets pricing model Capital-Asset-Pricing-Modell |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016522736&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT altugsumru assetpricingfordynamiceconomies AT labadiepamela assetpricingfordynamiceconomies |