Asset Valuation with Incomplete Markets .
针对缺乏市场价格的资产，修改资本资产定价模型提出估值方案，并用间接实证证据表明该方案优于指数法和收益资本化法，同时讨论了其局限性。
Abstract ABSTRACT: Estimating market values of assets in absence of an observable market price is a problem that arises often in accounting practice. Examples in the areas of taxation, capital budgeting, current cost accounting, and accounting for leases are discussed herein. A usable valuation scheme for such assets is derived from a modification of the popular two-parameter capital asset pricing model. Indirect empirical evidence is presented which suggests that the valuation scheme yields superior predictions to two competing schemes which have been advanced in the literature: indexing and earnings capitalization. In addition, limitations of the valuation scheme are discussed.