ON THE NEGATIVE RISK PREMIUM FOR RISK ADJUSTED DISCOUNT RATES: A COMMENT AND EXTENSION
推导了市场层面和不完全市场中个体层面出现负风险溢价的条件，并正确展示了如何折现现金流出，纠正了近期发表论文中的严重错误。
This paper develops conditions necessary for negative risk premia to emerge at the market level, and at the individual level in imperfect markets. It also correctly shows how to discount cash outflows. The model used to integrate these topics is the state‐preference model of security valuation; the most general model available. The paper corrects serious errors contained in recent work published in the journal.