| Article ID: | iaor1997594 |
| Country: | United States |
| Volume: | 42 |
| Issue: | 2 |
| Start Page Number: | 286 |
| End Page Number: | 294 |
| Publication Date: | Feb 1996 |
| Journal: | Management Science |
| Authors: | Oh Gyutaeg |
| Keywords: | financial, risk |
The paper establishes a positive security market line in the CAPM with nontraded endowments. The effects of a market structure change on the security market line are analysed when the equilibrium allocation is affected by the change.