LAPM: A Liquidity‐Based Asset Pricing Model
从公司囤积流动性的角度提出一种新的资产定价方法，指出公司部门内部及与消费者之间的财富分配、杠杆率、资本充足要求和储蓄构成会影响公司对流动性资产的需求，进而影响利率。
ABSTRACT The intertemporal CAPM predicts that an asset's price is equal to the expectation of the product of the asset's payoff and a representative consumer's intertemporal marginal rate of substitution. This paper develops an alternative approach to asset pricing based on corporations' desire to hoard liquidity. Our corporate finance approach suggests new determinants of asset prices such as the distribution of wealth within the corporate sector and between the corporate sector and the consumers. Also, leverage ratios, capital adequacy requirements, and the composition of savings affect the corporate demand for liquid assets and, thereby, interest rates.