- Tytuł:
- Theoretical Framework for Stock Pricing Process based on Micro-Economic Decision Model
- Autorzy:
- Kaganov, Vitaly
- Powiązania:
- https://bibliotekanauki.pl/articles/692547.pdf
- Data publikacji:
- 2017
- Wydawca:
- Uniwersytet Ekonomiczny w Poznaniu
- Tematy:
-
Asset Pricing
CAPM
Risk Appetite
Economic Approach - Opis:
- The most common model for asset pricing (CAPM) is problematic and does not match the reality. In this article, I introduce a theoretical framework for a new model which aims at avoiding the problems of CAPM and keeping its advantages, therefore allowing universality of asset pricing. The model is built on the economic principles, using a budget constraint and a Risk Appetite (RA) function. It is based on the micro-economic decision model, involving an expected value and dividing a stock price to objective and subjective prices. As a result, rational based individuals, just like individuals with non-rational factors, may use the model to calculate a future price stock in exactly the same way.
- Źródło:
-
Research Papers in Economics and Finance; 2017, 2, 2; 29-37
2543-6430 - Pojawia się w:
- Research Papers in Economics and Finance
- Dostawca treści:
- Biblioteka Nauki
Artykuł