Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
So do not be discouraged to learn that we start with something called the stochastic discount factor , which Campbell describes as the central idea of modern asset-pricing theory. Back in the ‘60s, people developed the capital asset pricing model [CAPM] as a way to do that. And the theory that was available then was CAPM.
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