Asset pricing and the Modigliani-Miller theorem with the spirit of capitalism

This paper investigates a equilibrium theory of capital asset pricing with the spirit of capitalism. It is an attempt to put together ideas from the modern finance literature and the literature on stochastic growth models. Using methods adopted in Brock (1982), an equivalent characterization of equilibrium by first-order conditions for optimal growth is investigated. We also consider the Modigliani-Miller theorem with the spirit of capitalism.

MoreLess

Year of publication:	2011
Authors:	Huang, Jizheng ; Zou, Heng-fu
Institutions:	China Economics and Management Academy, Central University of Finance and Economics (CUFE)
Subject:	Spirit of capitalism \| equilibrium \| Optimal growth \| Social-status

More details

Extent:	application/pdf
Series:	CEMA Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 456 17 pages
Classification:	G1 - General Financial Markets ; G10 - General Financial Markets. General ; G11 - Portfolio Choice ; G12 - Asset Pricing
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009225677