麻省理工投资学讲义(MIT)_Leture _ The CAPM an APT Part _ Thery.pdfVIP

15.433 INVESTMENTS Classes 6: The CAPM and APT Part 1: Theory Spring 2003 Introduction So far, we took the expected return of risky asset as given. But where does expected return come from? Using the intuition that investors are risk averse, one explanation is that the risk premium - expected return in excess of the riskfree rate - is a reward for bearing risk. Does this make sense? The Capital Asset Pricing Model (CAPM) provides a simple, yet elegant framewo