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Chinese Journal of Management Science ›› 1997, Vol. ›› Issue (1): 52-56.

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Capital Asset Pricing Model In Incomplete Financial Asset Markets

Wang Zhihua, Zhu Jiang   

  1. 1. Department of Finance, Shandong Economics Institute;
    2. Department of Mathematics, Xuzhou Teachers’ University
  • Received:1996-11-21 Online:1997-03-28 Published:2012-03-06

Abstract: In this paper, we consider capital asset pricing model in a framwork of incomplete asset markets, an extension of CAPM and a mutel-fund theorem are proved.

Key words: Financial asset, incomplete market, equilibrium CAPM, mutal-fund theorem