Asset Pricing, Capital Structure and the Spirit of Capitalism in a Production Economy

Jizheng Huang and Heng-Fu Zou ()
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Jizheng Huang: China Economics and Management Academy, CUFE

Annals of Economics and Finance, 2013, vol. 14, issue 2, 367-384

Abstract: This paper investigates an intertemporal general equilibrium theory of capital asset pricing with the spirit of capitalism. It is an attempt to put together ideas from the modern finance literature and the literature on stochastic growth models. Using methods adopted in Brock (1982), an equivalent characterization of equilibrium by first-order conditions for optimal growth is investigated. We also consider the Modigliani-Miller theorem with the spirit of capitalism.

Keywords: Spirit of capitalism; Equilibrium; Optimal growth; Social-status (search for similar items in EconPapers)
JEL-codes: G1 G10 G11 G12 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2013:v:14:i:2:n:3:huang

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