LAPM: A Liquidity-based Asset Pricing Model
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The intertemporal CAPM predicts that an asset's price is equal to the expectation of the product of the asset's payoff and a representative consum substitution. This paper develops an alternative approach to asset pricing based on industrial and financial corporations' desire to hoard liquidity to
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美国国家经济研究局创建时间：
1998-08-01
