{"id":"https://openalex.org/W2166299790","doi":"https://doi.org/10.2307/2329856","title":"Capital Market Equilibrium with Divergent Borrowing and Lending Rates","display_name":"Capital Market Equilibrium with Divergent Borrowing and Lending Rates","publication_year":1971,"publication_date":"1971-12-01","ids":{"openalex":"https://openalex.org/W2166299790","doi":"https://doi.org/10.2307/2329856","mag":"2166299790"},"language":"en","primary_location":{"id":"doi:10.2307/2329856","doi":"https://doi.org/10.2307/2329856","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2329856","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5114017314","display_name":"Michael John Brennan","orcid":"https://orcid.org/0009-0001-6041-2619","observed_orcids":["https://orcid.org/0009-0001-6041-2619"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"M. J. Brennan","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5114017314"],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":4.3893,"has_fulltext":false,"cited_by_count":148,"citation_normalized_percentile":{"value":0.94199536,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"6","issue":"5","first_page":"1197","last_page":"1197"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9086999893188477,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9086999893188477,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.05920000001788139,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.014999999664723873,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-market-equilibrium","display_name":"capital market equilibrium","score":0.9959999918937683},{"id":"https://openalex.org/keywords/borrowing-and-lending-rates","display_name":"borrowing and lending rates","score":0.7360000014305115},{"id":"https://openalex.org/keywords/risk-free-rate","display_name":"risk-free rate","score":0.550000011920929},{"id":"https://openalex.org/keywords/investor-heterogeneity","display_name":"investor heterogeneity","score":0.628000020980835},{"id":"https://openalex.org/keywords/capital-asset-pricing-model","display_name":"capital asset pricing model","score":0.6819999814033508},{"id":"https://openalex.org/keywords/equilibrium-conditions","display_name":"equilibrium conditions","score":0.36800000071525574}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.679458498954773},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5882775783538818},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.49426889419555664},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4938529133796692},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.19516173005104065},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.07453969120979309},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/2329856","doi":"https://doi.org/10.2307/2329856","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2329856","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:cup:jfinqa:v:6:y:1971:i:05:p:1197-1205_02","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109000022201/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":7,"referenced_works":["https://openalex.org/W1494257512","https://openalex.org/W1971432209","https://openalex.org/W2000585652","https://openalex.org/W2019425677","https://openalex.org/W2029056003","https://openalex.org/W2083148578","https://openalex.org/W2162875582"],"related_works":["https://openalex.org/W4300289755","https://openalex.org/W2097477949","https://openalex.org/W2362856505","https://openalex.org/W2892577725","https://openalex.org/W1525017027","https://openalex.org/W2361450846","https://openalex.org/W1535098949","https://openalex.org/W2084050624","https://openalex.org/W7097207231","https://openalex.org/W1484056685"],"abstract_inverted_index":{"The":[0],"Capital":[1],"Asset":[2],"Pricing":[3],"Model":[4],"of":[5,59],"Sharpe":[6],"[10,":[7],"1964],":[8],"Lintner":[9],"[8,":[10],"1965],":[11],"and":[12,46,70,73],"Mossin":[13],"[9,":[14],"1966]":[15],"showed":[16],"how":[17],"it":[18],"was":[19],"possible":[20],"to":[21],"derive":[22],"under":[23],"fairly":[24],"stringent":[25],"assumptions":[26],"the":[27,50],"conditions":[28],"for":[29,34],"equilibrium":[30,62],"in":[31],"a":[32],"market":[33,61],"risky":[35],"assets.":[36],"Recent":[37],"work":[38],"has":[39],"been":[40],"directed":[41],"at":[42],"relaxing":[43],"these":[44,75],"assumptions,":[45],"this":[47],"paper":[48],"extends":[49],"progress":[51],"made":[52],"thus":[53],"far":[54],"by":[55],"deriving":[56],"some":[57],"properties":[58],"capital":[60],"when":[63,74],"investors":[64],"are":[65],"faced":[66],"with":[67],"divergent":[68],"borrowing":[69],"lending":[71],"rates":[72,76],"may":[77],"vary":[78],"among":[79],"investors.":[80]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":7},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":5}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
