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- W76134069 abstract "The capital-asset pricing model (CAPM) for establishing the return on equity for a utility is challenged on many grounds. Some believe that CAPM is the only correct method for measuring a firm's cost of equity capital. The general model states that the expected return on a security is determined by the risk-free return plus a risk premium for assuming risk. In the theory a risk measure was proposed which would account for the risk-reducing effect of diversification. This measure is called beta, ..beta.., and it expresses the volatility of a security compared to ''the market.'' For example, a stock with a beta of one would be said, in general, to be of similar risk to the market. In sum, then, CAPM states that the expected return of a risky security equals risk free rate plus a return premium for risk. The model sounds simple, but the authors maintain it is not so straightforward. The analysts ability to estimate beta correctly varies. The authors cite various other estimation problems to conclude that CAPM is an overly simplistic, single-period equilibrium model. (MCW)" @default.
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- W76134069 date "1978-07-06" @default.
- W76134069 modified "2023-09-23" @default.
- W76134069 title "Capital-asset pricing model and utility equity returns" @default.
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