Certified Associate in Project Management (CAPM
) is a vendor-neutral, entry-level certification for individuals interested in entering the project management (PM) field.
Grant, in 1930, explanied the concepts of present value, cost calculation and required rate of return for making capital budgeting decisions".1 Ever since William Sharpe and John Lintner came up with the capital asset pricing model (CAPM
) there has been an academic debate over its validity".2
Some works that suggest fundamental economic structural differences between emerging and developed markets are in the field of the international financial literature and have in their formulations the CAPM
The Capital Asset Pricing Model (CAPM
) of SLB (Sharpe, 1964; Lintner, 1975; Black, 1972), has formed a method for researchers and experts to have a look at risks and returns.
We examine the effect of changing the composition of the market portfolio proxy on the costs of equity of the 30 Fama-French industry portfolios under the CAPM
and FF3M using monthly data over the 75-year period of 1942-2016.
Equation (1) is specialized to the conditional CAPM
if the return on the market portfolio is the single factor (K=1).
O primeiro modelo de aprecamento baseado no conceito de aversao a risco foi o CAPM
, baseado no trabalho de Markowitz (1959) sobre escolha de ativos em tempo discreto.
Keywords: Size Premium, Value Premium, Information Efficiency Premium, CAPM
In their seminal paper, Acharya and Pedersen (2005) propose a liquidity-adjusted CAPM
(LCAPM), in which a security required return depends on its expected liquidity, as well as on the co-variances of its own return and liquidity with the market return and liquidity.
Low beta coefficients of the stocks indicate low market integration, possibility of diversification benefits and underestimated emerging country's cost of equity based on the classical CAPM