Capital asset prices with heterogeneous beliefsJoseph T. Williams1977-11-01articleJournal of Financial Economics302 citationsclosedNo readable copy stored yet — this record is metadata only.Financial Markets and Investment StrategiesStochastic processes and financial applicationsEconomic theories and modelsAbstractNo abstract was published for this record.Citations in this libraryStored only when both papers are in the corpus — 302 citations exist upstream.References1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets1975THE 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.]1973An Intertemporal Capital Asset Pricing Model1971Optimum consumption and portfolio rules in a continuous-time model1966Equilibrium in a Capital Asset Market1972Capital Market Equilibrium with Restricted Borrowing1972The capital asset pricing model: Some empirical testsCited by2010The heterogeneous expectations hypothesis: Some evidence from the lab1985Divergence of Opinion in Complete Markets: A Note2005Model Uncertainty, Limited Market Participation, and Asset Prices2005Asset pricing with heterogeneous beliefs2006Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries1989Differences of Opinion in Financial Markets1986Equilibrium Interest Rates and Multiperiod Bonds in a Partially Observable Economy2000A model of dynamic equilibrium asset pricing with heterogeneous beliefs and extraneous risk