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CONSTRUCTING AND TESTING THE WORLD MARKET PORTFOLIO FOR DOLLAR BASED INVESTORS - PowerPoint PPT Presentation


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SUMMARY 1. The market portfolio is prominent in theoretical and practical asset pricingThe true market portfolio cannot be observed directlyWE ARGUE: It can be constructed from macro-economic cash flow dataINTUITION: ?market portfolio is the value of the economy . SUMMARY 2. We construct this pr

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