| 翻訳と辞書 |
| Untradable assets ： ウィキペディア英語版 |
Untradable assets
Nontraded assets (or: nonmarketable assets or perfectly nonliquid assets) are assets that are not traded on the market.〔Bodie, Z., Kane, A. and Marcus, A. J., 2014. Investments. McGraw-Hill Education: Berkshire.〕 Human capital is the most important nontraded assets.〔Mayers, D., 1973. Nonmarketable Assets and the Determination of Capital Asset Prices in the Absence of a Riskless Asset, The Journal of Business, Vol. 46, No.2, pp. 258-267. The University of Chicago Press: Chicago.〕 Other important nontraded asset classes are private businesses, claims to government transfer payments and claims on trust income.〔Bodie, Z., Kane, A. and Marcus, A. J., 2014. Investments. McGraw-Hill Education: Berkshire.〕
== Human Capital & the CAPM ==
Human capital is the stock of knowledge, habits and social and personality attributes. Its market value (discounted value) of future labour income (a measure of human capital) is greater than the total market value of traded assets. Human capital is also the nontraded asset that is most importable across time. Humans can only hedge their human capital using traded assets by borrowing against labour income (via home mortgages) and by reducing uncertainty via life insurance. However, these hedges are imperfect. Therefore, human capital pressures security prices and thus causes deviations from the Capital Asset Pricing Model (CAPM).〔Bodie, Z., Kane, A. and Marcus, A. J., 2014. Investments. McGraw-Hill Education: Berkshire.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
■ウィキペディアで「Untradable assets」の詳細全文を読む
スポンサード リンク
| 翻訳と辞書 : 翻訳のためのインターネットリソース |
Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.
|
|