本文研究了参考证券组合对组合证券选择和均衡资产定价的影响。
In this paper, the effects of benchmark portfolio on portfolio selection and asset pricing are analyzed.
本文讨论了各种均衡状态下，信号的具体实现值对投资者异质信念与资产定价关系的影响。
But based on the realized value of signal, the under-valuation of asset may positive correlated with agents' heterogeneous beliefs.
无成本假说是资本资产定价模型（CAPM）“资产均衡价格与投资者偏好无关结论”的根本原因。
The No-cost Hypothesis is the fundamental cause for "Asset equilibrium price has nothing to do with the investor's preference" in Capital Asset Prices Model (CAPM).
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