An Intertemporal Equilibrium Beta Pricing Model
构建了套利定价理论的跨期离散时间竞争均衡版本，探讨不同投资者偏好和股息动态下的计量含义，并说明常用计量技术如何与该经济模型一致。
This article develops an intertemporal, discrete-time, competitive equilibrium version of the arbitrage pricing theory, (APT) and explores the econometric implications of this model under various restrictions on investor preferences and on the dynamic behaviour of dividends. We describe conditions under which the econometric technique typically used for estimating and testing the APT can be shown to be consistent with our economic model. We relate our intertemporal version of the APT to the static APT and to Merton's intertemporal capital asset pricing model.