(金融工程)Capital Asset Prices_ A Theory of Market Equilibrium under Conditions of Risk_推荐.pdfVIP

American Finance Association Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk Author(s): William F. Sharpe Source: The Journal of Finance, Vol. 19, No. 3 (Sep., 1964), pp. 425-442 Published by: Wiley for the American Finance Association Stable URL: /stable/2977928 . Accessed: 29/09/2014 12:03 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. . Wiley and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. This content downloaded from 1 on Mon, 29 Sep 2014 12:03:34 PM All use subject to JSTOR Terms and Conditions The journal of FINANCE VOL. XIX SEPTEMBER1964 No. 3 CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* WILLIAM F. SHARPEt I. INTRODUCTION ONE OF THE PROBLEMSwhich has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive micro- economic theory dealing with conditions of risk. Although many useful insights can be obtained from the traditional models of investment under conditions of certainty, the pervasive influence of risk in financial trans- actions has forced those worki