2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/210174The paper has 2 main goals: 1. We propose a variant of the CAPM based on coherent risk. 2. In addition to the real-world measure and the risk-neutral measure, we propose the third one: the extreme measure. The introduction of this measure provides a powerful tool for investigating the relation between the first two measures. In particular, this gives us - a new way of measuring reward; - a new approach to the empirical asset pricing.ProbabilityPricing of SecuritiesRisk Management91B28; 91B30, 91B50text