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STOCHASTIC DEMAND, OUTPUT AND THE COST OF CAPITAL · Study

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ArticleSTOCHASTIC DEMAND, OUTPUT AND THE COST OF CAPITAL

Michael S. Long1974

Article1974

STOCHASTIC DEMAND, OUTPUT AND THE COST OF CAPITAL

Michael S. Long · George A. Racette

16 citations·0/0 files stored·The Journal of Finance

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Capital Investment and Risk Analysis Monetary Policy and Economic Impact Economic theories and models

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1971On the theory of the competitive firm under price uncertainty 1972Theory of the Firm Facing Uncertain Demand

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Details

Year1974

Typearticle

Published1974-05-01

VenueThe Journal of Finance

ISSN-L0022-1082

Languageen

Citations16

Files0 public / 0

ShelfCapital Investment and Risk Analysis

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doi10.1111/j.1540-6261.1974.tb03062.x

openalex_workW1976428417

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1970

Price Uncertainty, Utility, and Industry Equilibrium in Pure Competition