{"id":"W4416386256","doi":"10.2139/ssrn.5718682","title":"Toward a Theory of Intermediary Asset Pricing","year":2025,"lang":"","type":"preprint","venue":"SSRN Electronic Journal","topic":"Financial Markets and Investment Strategies","field":"Economics, Econometrics and Finance","cited_by":0,"is_retracted":false,"has_abstract":false,"ca_institutions":"Concordia University","funders":"","keywords":"Stock (firearms); Capital asset pricing model; Stock market; Market liquidity; Equity premium puzzle; Volatility (finance); Market maker; Risk premium; Contrarian","routes":{"ca_aff":true,"ca_fund":false,"ca_venue":false,"about_ca":false,"invisible_to_affiliation_only":false},"retraction":null,"screen":null,"direct_labels":[],"prediction":{"model_version":"metacan-v3-hybrid-931329e0061c","candidate_categories":[],"consensus_categories":[],"category_scores_codex":[0.002905492,0.0008423032,0.001251819,0.002070906,0.001324675,0.004971301,0.003004471,0.003776622,0.01006039],"category_scores_gemma":[0.008161944,0.0007352859,0.001327695,0.002300256,0.004086024,0.009716783,0.002615602,0.004926768,0.001588907],"about_ca_system_candidate":false,"about_ca_system_consensus":false,"about_ca_system_score_codex":0.001930789,"about_ca_system_score_gemma":0.001711988,"about_ca_topic_candidate":false,"about_ca_topic_consensus":false,"about_ca_topic_score_codex":0.001964009,"about_ca_topic_score_gemma":0.001484763,"domain_scores_codex":[0.9989549,0.0005418333,0.00004733755,0.0001228086,0.0002374116,0.00009556486],"domain_scores_gemma":[0.9965038,0.002089584,0.0002518942,0.0004044239,0.0005063212,0.0002440825],"domain_codex":null,"domain_gemma":null,"domain_candidate":null,"domain_consensus":null,"study_design_codex":"theoretical_or_conceptual","study_design_gemma":"theoretical_or_conceptual","study_design_scores_codex":[0.000001504138,0.000005330299,0.00005473922,0.000005541165,0.000001874294,0.00001330747,0.00002374841,0.002329959,0.00003516069,0.9958146,0.000659336,0.001054872],"study_design_scores_gemma":[0.000003371969,0.000002248633,0.00002447032,0.000004253878,0.000001918196,0.00001429847,0.00001091169,0.03188594,0.00001558401,0.9670913,0.0009428951,0.000002729545],"study_design_candidate":"theoretical_or_conceptual","study_design_consensus":"theoretical_or_conceptual","genre_codex":"methods","genre_gemma":"empirical","genre_scores_codex":[0.01283216,0.0009985954,0.9417541,0.005915811,0.0002432416,0.000033325,0.0001398909,0.0001789884,0.03790383],"genre_scores_gemma":[0.6530261,0.004802935,0.3094875,0.001738009,0.002303588,0.0003240589,0.0003290721,0.0002818105,0.02770699],"genre_candidate":"empirical","genre_consensus":null,"teacher_disagreement_score":0.01006039,"threshold_uncertainty_score":0.03365541,"prediction_status":"machine_predicted_unvalidated"},"machine_scores":{"provisional":true,"baseline":true,"maturity_gate_passed":false,"score_opus":0.02370050942663917,"score_gpt":0.230817412340773,"score_spread":0.2071169029141338,"validation_status":"score_only:v0-immature-baseline","note":"Baseline scores from an immature model (maturity gate not passed). Scores rank; they never assert a category."}}