THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS

@article{Lintner1965THEVO,
  title={THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS},
  author={John Lintner},
  journal={The Review of Economics and Statistics},
  year={1965},
  volume={47},
  pages={13-37}
}
  • J. Lintner
  • Published 1965
  • Economics
  • The Review of Economics and Statistics
Publisher Summary This chapter discusses the problem of selecting optimal security portfolios by risk-averse investors who have the alternative of investing in risk-free securities with a positive return or borrowing at the same rate of interest and who can sell short if they wish. It presents alternative and more transparent proofs under these more general market conditions for Tobin's important separation theorem that “ … the proportionate composition of the non-cash assets is independent of… Expand
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THE INTEREST OF PROFESSIONAL economists in the theory of corporate finance and capital budgeting has increased markedly within the last decade.' Nevertheless, the literature is still marked byExpand
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