| Article ID: | iaor201523009 |
| Volume: | 13 |
| Issue: | 3 |
| Start Page Number: | 233 |
| End Page Number: | 241 |
| Publication Date: | Sep 1990 |
| Journal: | Journal of Financial Research |
| Authors: | Murphy J Austin |
| Keywords: | investment, decision, statistics: empirical |
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.