Capital Asset Prices with and without Negative Holdings



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    • Timken Professor Emeritus of Finance, Stanford University Graduate School of Business and Chairman, William F. Sharpe Associates. I am particularly grateful for the detailed comments and suggestions on the contents of this lecture provided by Robert Litzenberger and Andre' Perold. Subsequent comments and suggestions by Haim Levy and Harry Markowitz are also gratefully acknowledged. My longer-term debt to colleagues in many places is also substantial; I particularly wish to thank those at Stanford University and at William F. Sharpe Associates for their contributions to my work over the years. © The Nobel Foundation 1990.