Asset pricing and the Modigliani-Miller theorem with the spirit of capitalism

Jizheng Huang () and Heng-Fu Zou ()

No 456, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: This paper investigates a equilibrium theory of capital asset pricing with the spirit of capitalism. It is an attempt to put together ideas from the modern finance literature and the literature on stochastic growth models. Using methods adopted in Brock (1982), an equivalent characterization of equilibrium by first-order conditions for optimal growth is investigated. We also consider the Modigliani-Miller theorem with the spirit of capitalism.

Keywords: Spirit of capitalism; equilibrium; Optimal growth; Social-status (search for similar items in EconPapers)
JEL-codes: G1 G10 G11 G12 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2011
New Economics Papers: this item is included in nep-cfn
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://down.aefweb.net/WorkingPapers/w456.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cuf:wpaper:456

Access Statistics for this paper

More papers in CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics Contact information at EDIRC.
Bibliographic data for series maintained by Qiang Gao ().