Tillgångsprissättning

Tillgångsprissättning, or asset pricing in English, is a fundamental concept in finance that deals with the theoretical market price of an asset. It aims to determine the fair value of an asset, considering its risk and expected return. The core idea is that investors demand a higher expected return for taking on more risk.

Several models exist to explain and predict asset prices. The Capital Asset Pricing Model (CAPM) is a widely used framework that suggests an asset's expected return is linearly related to its systematic risk, often measured by beta. The model posits that investors are compensated only for systematic risk, which cannot be diversified away, and not for unsystematic risk, which can be reduced through diversification.

Another significant model is the Arbitrage Pricing Theory (APT). Unlike CAPM, APT does not rely on specific assumptions about investor preferences or the market portfolio. Instead, it proposes that an asset's return can be explained by a number of macro-economic factors or common risk factors, such as inflation, interest rates, and industrial production. The model suggests that if assets are mispriced relative to these factors, arbitrage opportunities will arise, and market forces will quickly correct the prices.

In practice, asset pricing is crucial for investment decisions, portfolio management, and risk assessment. It helps investors understand how much risk they are taking relative to the potential rewards and forms the basis for valuing financial instruments like stocks, bonds, and derivatives. The accuracy of these models in real-world scenarios is often debated, as markets can be influenced by behavioral factors and unforeseen events not captured by theoretical frameworks.