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USING THE CAPM AS A GENERAL FRAMEWORK FOR ASSET PRICING ANALYSIS
Author(s) -
Murphy J. Austin
Publication year - 1990
Publication title -
journal of financial research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.319
H-Index - 49
eISSN - 1475-6803
pISSN - 0270-2592
DOI - 10.1111/j.1475-6803.1990.tb00553.x
Subject(s) - capital asset pricing model , consumption based capital asset pricing model , investment theory , arbitrage pricing theory , economics , capital asset , asset (computer security) , econometrics , security market line , financial economics , computer science , finance , context (archaeology) , stock market , computer security , paleontology , biology
In this paper a model of asset pricing is derived that relaxes the restrictive assumptions of standard theories. The model leads to a tractable capital asset pricing model framework that can be used to test empirical hypotheses and draw important insights on capital market equilibrium.