William Forsyth Sharpe (b.1934). - photo 1
William Forsyth Sharpe (b.1934). - photo 2

William Forsyth Sharpe (b.1934).

Lot 50
28.04.2021 11:00UTC +00:00
Classic
Sold
£ 6 250
AuctioneerCHRISTIE'S
Event locationUnited Kingdom, London
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The auction is completed. No bids can be placed anymore.
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ID 519340
Lot 50 | William Forsyth Sharpe (b.1934).
Estimate value
£ 5 000 – 8 000
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).
Address of auction CHRISTIE'S
8 King Street, St. James's
SW1Y 6QT London
United Kingdom
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14.04.2021 – 28.04.2021
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