From the field's leading authority, the most authoritative and
comprehensive advanced-level textbook on asset pricing In Financial
Decisions and Markets, John Campbell, one of the field’s most
respected authorities, provides a broad graduate-level overview of
asset pricing. He introduces students to leading theories of portfolio
choice, their implications for asset prices, and empirical patterns of
risk and return in financial markets. Campbell emphasizes the
interplay of theory and evidence, as theorists respond to empirical
puzzles by developing models with new testable implications. The book
shows how models make predictions not only about asset prices but also
about investors’ financial positions, and how they often draw on
insights from behavioral economics. After a careful introduction to
single-period models, Campbell develops multiperiod models with
time-varying discount rates, reviews the leading approaches to
consumption-based asset pricing, and integrates the study of equities
and fixed-income securities. He discusses models with heterogeneous
agents who use financial markets to share their risks, but also may
speculate against one another on the basis of different beliefs or
private information. Campbell takes a broad view of the field, linking
asset pricing to related areas, including financial econometrics,
household finance, and macroeconomics. The textbook works in discrete
time throughout, and does not require stochastic calculus. Problems
are provided at the end of each chapter to challenge students to
develop their understanding of the main issues in financial economics.
The most comprehensive and balanced textbook on asset pricing
available, Financial Decisions and Markets is an essential resource
for all graduate students and practitioners in finance and related
fields. Integrated treatment of asset pricing theory and empirical
evidence Emphasis on investors’ decisions Broad view linking the
field to financial econometrics, household finance, and macroeconomics
Topics treated in discrete time, with no requirement for stochastic
calculus Forthcoming solutions manual for problems available to
professors
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Produktdetaljer
ISBN
9781400888221
Publisert
2017
Utgiver
Vendor
Princeton University Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter