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Regarding the intertemporal CAPM (ICAPM), developed by Merton as a more generalized version of the CAPM, which of the following statements is incorrect? A. The key extension of the ICAPM is that investors can consider factors in their asset allocation decisions other than end of period wealth. B. The ICAPM will specify all state variables. C. Using this model, investors can explicitly incorporate how their wealth is affected by intertemporal state variables, such as future labor income. D. When utilizing the ICAPM, investors can consider additional factors other than market beta. |