资本资产定价模型是非常重要的模型-，假设每人是理性的，并持有切线资产组合。

The asset pricing model — and this is critical — assumes everyone is rational and holds the tangency portfolio.

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助涨了资本的非理性流动。

Facilitate the flow of ignorant capital.

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常用的资本成本率计算公式既有其合理性，又存在一些缺陷。

The formulae in common use for the calculation of capital cost rate are logical but defective.

youdao

The asset pricing model--and this is critical-- assumes everyone is rational and holds the tangency portfolio.

资本资产定价模型是非常重要的模型-,假设每人是理性的，并持有切线资产组合。

耶鲁公开课 - 金融市场课程节选