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In other, we also discuss the relevance of risk factors identified in the academic literature to the valuation of infrastructure companies, and the statistical approach taken to estimate the value of factor prices in unlisted infrastructure.
Models of Expected Returns
The simplest model of expected returns is the wellknown capital asset pricing model (CAPM)
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The
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RiskFactor Pricing
Beyond single or multifactor CAPMs, the second building block of modern asset pricing is the arbitrage pricing theory (APT)
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In effect, CAPM and APT are the only two theoretical frameworks that provide a solid foundation for computing the tradeoff between risk and returns
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References
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