Competitive Stock Markets
在一个多期、不完全市场的完全竞争一般均衡模型中，本文证明股东一致支持当前净市场价值最大化作为公司目标，并推导出无风险溢价的Arrow-Lind型结果，且竞争性股票市场是约束帕累托最优的。
In a perfectly competitive general equilibrium model with many periods, incomplete markets, and trading through time, we show: current net market value maximization is unanimously favoured by shareholders as the objective of the firm this corresponds to maximizing a relatively simple present discounted value formula the formula is used to derive an Arrow-Lind-type result on the absence of a risk premium in the discount factors for valuing investments whose risk is uncorrelated with social risk competitive stock markets are constrained Pareto optimal in the sense of Diamond.