Systematic Risk and the Theory of the Firm
The mean-variance capital-asset-pricing model forms the basis for much of the theoretical and empirical work in modern financial economics. While this model defines the relevant measure of the risk of a security β in a general equilibrium context, the relationship between this measure and the microe...
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| Veröffentlicht in: | The Quarterly journal of economics 1980-05, Vol.94 (3), p.437-451 |
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| container_end_page | 451 |
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| container_title | The Quarterly journal of economics |
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| creator | Subrahmanyam, Marti G. Thomadakis, Stavros B. |
| description | The mean-variance capital-asset-pricing model forms the basis for much of the theoretical and empirical work in modern financial economics. While this model defines the relevant measure of the risk of a security β in a general equilibrium context, the relationship between this measure and the microeconomic variables of a firm has not been studied in the literature. This paper develops a model of the firm under uncertainty and derives the relationship between systematic risk and such firm variables as monopoly power, demand elasticity, and the labor-capital ratio. The general conclusions are surprisingly robust and point to several interesting empirically testable hypotheses. |
| doi_str_mv | 10.2307/1884578 |
| format | Article |
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| identifier | ISSN: 0033-5533 |
| ispartof | The Quarterly journal of economics, 1980-05, Vol.94 (3), p.437-451 |
| issn | 0033-5533 1531-4650 |
| language | eng |
| recordid | cdi_proquest_journals_1296884010 |
| source | Jstor Complete Legacy; Business Source Complete; Periodicals Index Online |
| subjects | Capital costs Capital markets Cash flow Economic models Economic uncertainty Financial risk Investment risk Market power Monopoly power Systematic risk |
| title | Systematic Risk and the Theory of the Firm |
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