Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets
用套利定价理论分析农业资产的风险与回报关系，发现其风险较低，且该模型比资本资产定价模型更能解释风险与回报的关系。
Abstract A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing theory application because it provides a better explanation of the relationship between risk and returns than does the capital asset pricing model.