Toward a strategic theory of risk premium : Moving beyond CAPM
| Autor: | Sayan Chatterjee, Michael H. Lubatkin, William S. Schulze |
|---|---|
| Přispěvatelé: | emlyon business school, business school, emlyon |
| Jazyk: | angličtina |
| Rok vydání: | 1999 |
| Předmět: |
Management of Technology and Innovation
Strategy and Management 0502 economics and business 05 social sciences [SHS.GESTION]Humanities and Social Sciences/Business administration 060301 applied ethics 06 humanities and the arts 0603 philosophy ethics and religion [SHS.ECO] Humanities and Social Sciences/Economics and Finance [SHS.GESTION] Humanities and Social Sciences/Business administration [SHS.ECO]Humanities and Social Sciences/Economics and Finance General Business Management and Accounting 050203 business & management |
| Zdroj: | Academy of Management Journal Academy of Management Journal, Academy of Management, 1999, pp.556-567 P |
| ISSN: | 0001-4273 |
| Popis: | International audience; We propose a framework of risk premium that offers a resolution to CAPM's challenge to the field of strategy. Our core assumption is that investors bear firm-specific risk because they are not as diversified and markets not as perfect as CAPM assumes. We therefore hypothesize that investors require lower risk premiums from firms that are able to reduce firm-specific risk, and we ground this prediction on theories from information economics, risk management, and strategy, as well as recent empirical challenges to CAPM. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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