Testing the consumption-CAPM in developi
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Paul Cashin; C. John McDermott
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Article
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1998
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John Wiley and Sons
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English
โ 221 KB
The Consumption Capital Asset Pricing Model (C-CAPM) is tested using data on equity prices in Jordan, Turkey, and Pakistan over the period 1986 -1993. The analysis is carried out in two steps. The parameters of agents' dynamic consumption and investment decisions are first estimated, and then the im