RT Journal Article SR Electronic T1 Equilibrium Analysis of Asset Prices: Lessons from CIR and APT JF The Journal of Portfolio Management FD Institutional Investor Journals SP 59 OP 69 DO 10.3905/jpm.2018.44.6.059 VO 44 IS 6 A1 Leonid Kogan A1 Dimitris Papanikolaou YR 2018 UL https://pm-research.com/content/44/6/59.abstract AB The Cox, Ingersoll, and Ross (CIR) model proposed a framework for asset pricing in general equilibrium, introducing an explicit description of the macroeconomy into a model of financial markets. The research program started by CIR has been influential and remains highly relevant. In this article, the two authors, both doctoral students of Professor Stephen Ross and one later his colleague at MIT, summarize how the seminal contribution of CIR has seeded their own academic work, with a particular focus on equilibrium analysis of cross-sectional patterns in stock returns.TOPICS: Portfolio theory, quantitative methods