تسعير الموجودات الرأسمالية في إطار إنموذجي (CAPM)‎ و (RCAPM)‎ : بحث تطبيقي في عينة من الشركات المدرجة في مؤشر (Dow Jones 30)‎

Abstract EN

The process of capital assets pricing based on the basic principle in the financial management trade-off between risk and return to make the financial decisions.

This subject has occupied ample space in the financial field as it is the most controversial among the specialists and constitutes, itself one of the basic theoretical and knowledge problems in this field.

Although investors demand higher returns to carry more risk, there is not complete agreement on the measure of risk or the way risk should be used to estimate of the return.

This difference over the measurement of risk led to Philosophical controversy among researchers and writers in financial management, and here lies the research problem marked by multiplicity of capital assets pricing models due to multiplicity risk measures, which led to different investor priorities and therefore confuse the private financial decision.

The research aimed to test the latest models in the capital assets pricing (RCAPM), and compare them with the basic model (CAPM) and determine the most accurate model in practice.

To achieve the objective of the research, 10 companies of the Dow Jones 30 index has been selected for the period (2001-2016).

The research found a set of conclusions and recommendations, the most important of these is that the different risk measures in the capital asset pricing models give different results and lead to different financial decisions and therefore to different investor priorities, as well as the possibility of using the RCAPM model in pricing capital assets to give them better results in practice.