Published:
Standard asset pricing treats firms as isolated atoms — each valued solely on its own balance sheet, momentum, and factor loadings. But in reality, a chip shortage at TSMC reverberates through Apple’s supply chain, and on to every automaker waiting for electronics. Why should we expect a model that ignores these connections to price assets well?
Published:
Standard asset pricing treats firms as isolated atoms — each valued solely on its own balance sheet, momentum, and factor loadings. But in reality, a chip shortage at TSMC reverberates through Apple’s supply chain, and on to every automaker waiting for electronics. Why should we expect a model that ignores these connections to price assets well?
Published:
Standard asset pricing treats firms as isolated atoms — each valued solely on its own balance sheet, momentum, and factor loadings. But in reality, a chip shortage at TSMC reverberates through Apple’s supply chain, and on to every automaker waiting for electronics. Why should we expect a model that ignores these connections to price assets well?
Published:
Standard asset pricing treats firms as isolated atoms — each valued solely on its own balance sheet, momentum, and factor loadings. But in reality, a chip shortage at TSMC reverberates through Apple’s supply chain, and on to every automaker waiting for electronics. Why should we expect a model that ignores these connections to price assets well?