Appendix 3
Partial Derivatives for Systematic Risk of Company Equity by Galaï and Masulis (1976)

The partial derivatives of the systematic risk of equity when the systematic risk of the company is stable and positive are as follows:

[A3.1]

[A3.2]

[A3.3]

[A3.4]

[A3.5]

[A3.6]

with:

[A3.7]

[A3.8]

and:

[A3.9]

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Table of Contents for Appendix 3: Partial Derivatives for Systematic Risk of Company Equity by Galaï and Masulis (1976)