Toward a Strategic Theory of Risk Premium: Moving Beyond Capm
提出一个风险溢价框架，解释投资者因非完全分散化而要求企业降低特定风险，从而获得更低风险溢价，对战略和金融学者有参考价值。
We propose a framework of risk premium that offers a resolution to CAPM's challenge to the field of strategy. Our core assumption is that investors bear firm-specific risk because they are not as diversified and markets not as perfect as CAPM assumes. We therefore hypothesize that investors require lower risk premiums from firms that are able to reduce firm-specific risk, and we ground this prediction on theories from information economics, risk management, and strategy, as well as recent empirical challenges to CAPM.