Risk Management and the Theory of the Firm: Comment
指出Cummins在运用资本资产定价模型讨论企业风险管理与保险购买决策时，忽略了该模型处理的风险与可保风险之间的根本区别，并试图弥补这一遗漏。
In the past decade, the development of the capital asset pricing model of Sharpe [1964], Lintner [1965] and Mossin [1966] has made a significant contribution to our understanding of how the market values risky securities. Cummins [1976] offered a careful discussion of how this approach might be used by firms in their risk management and, hence, insurance purchasing decisions. While Cummins goes to great lengths to examine the limiting assumptions of the capital asset pricing model, and while he stresses the limited empirical applicability of that model, his paper overlooks a fundamental distinction between the type of risk treated by the capital asset pricing model and the type of risks that are susceptible to insurance cover. This note attempts to amend that omission.