William Forsyth Sharpe (b.1934).
‘Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk,’ pp. 425-442 in: The Journal of Finance, Vol. 19, No. 3, September 1964. Oxford: Blackwell Publishing for the American Finance Association, 1964.
First edition, journal issue in original printed wrappers, inscribed by Sharpe, of the first announcement of his Capital Asset Pricing Model (CAPM) – the work for which Sharpe won the Nobel Memorial Prize in Economic Sciences in 1990. The CAPM states that the risk premium of an asset is equal to the asset's exposure to market risk (beta) times the risk premium of the market. This model has been taught in business schools for more than fifty years, and it is commonly used by practitioners and investors to compute the cost of capital and to build investment strategies.

Octavo (254 x 171mm). Original printed wrappers (four pen marks and one in pencil to front wrapper, lightly toned and marked).
‘William F. Sharpe’ (signature on blank verso of leaf preceding Sharpe’s article, with the equation for the CAPM and for a stock’s ‘beta’).
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