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On the Portfolio Effects of Nonmarketable Assets: Government Transfers and Human Capital Payments

Published online by Cambridge University Press:  06 April 2009

C. Harvey Rorke
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Extract

The purposes of this article are two. Some extensions to Mayers’ [1] classical work on portfolio building in the presence of nonmarketable assets are presented. In addition the implications of certain simple forms of taxation and redistribution are investigated.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 14 , Issue 2 , June 1979 , pp. 167 - 177
Copyright
Copyright © School of Business Administration, University of Washington 1979

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References

REFERENCES

[1]Mayers, David. “Non-Marketable Assets and Capital Market Equilibrium Under Uncertainty.” In Studies in the Theory of Capital Markets, edited by Jensen, Michael C.. Praeger Publishers (1971), pp. 223–248.Google Scholar
[2]Mayers, David. “Non-Marketable Assets, Market Segmentation and the Level of Asset Prices.” Journal of Financial and Quantitative Analysis, Vol. 11, No. 1 (03 1976), pp. 1–12.Google Scholar
[3]Pratt, John W. “Risk Aversion in the Small and in the Large.” Econometrica, Vol. 32 (01–04 1964), pp. 122–136.CrossRefGoogle Scholar
[4]Rorke, C. Harvey. Capital Asset Pricing, Valuation of the Firm, and Optimal Capital Structure. Ph.D. Dissertation, University of London, London Graduate School of Business Studies (07 1976).Google Scholar
[5]Rubenstein, Mark E. “A Comparative Statics Analysis of Risk Premiums.” Journal of Business, Vol 46, No. 4 (10 1973), pp. 605–615.Google Scholar
[6]Rubenstein, Mark E. “An Aggregation Theorem for Securities Markets.” Journal of Financial Economics, Vol. 1 (1974), pp. 225–244.Google Scholar