Capital Asset Pricing Model 85 Success Secrets 85 Most Asked Questions On Capital Asset Pricing Model What You Need To Know

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Capital Asset Pricing Model 85 Success Secrets - 85 Most Asked Questions on Capital Asset Pricing Model - What You Need to Know

Author : Mildred Hart
Publisher : Emereo Publishing
ISBN 13 : 9781488854866
Total Pages : 76 pages
Book Rating : 4.8/5 (548 download)

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Book Synopsis Capital Asset Pricing Model 85 Success Secrets - 85 Most Asked Questions on Capital Asset Pricing Model - What You Need to Know by : Mildred Hart

Download or read book Capital Asset Pricing Model 85 Success Secrets - 85 Most Asked Questions on Capital Asset Pricing Model - What You Need to Know written by Mildred Hart and published by Emereo Publishing. This book was released on 2014-10-11 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Asset Pricing Model Starts right here. There has never been a Capital Asset Pricing Model Guide like this. It contains 85 answers, much more than you can imagine; comprehensive answers and extensive details and references, with insights that have never before been offered in print. Get the information you need--fast! This all-embracing guide offers a thorough view of key knowledge and detailed insight. This Guide introduces what you want to know about Capital Asset Pricing Model. A quick look inside of some of the subjects covered: Outline of finance - Discounted cash flow valuation, Capital asset - The most specific common definitions in use are as follows, Market portfolio, Idiosyncrasy - Idiosyncrasy in economics, Upside risk - Upside Risk vs. Capital Asset Pricing Model, The Theory of Investment Value - Theory, Real option - Applicability of standard techniques, Financial correlation, Beta (finance), Financial portfolio - Description, Working capital management - Capitalization structure, List of business theorists - L, Corporate finance - Capitalization structure, Master of Financial Economics - Structure, Covariance - In financial economics, Passive management - Rationale, Financial econometrics, Covariance matrix - In financial economics, Outline of finance - Fundamental financial concepts, Fundamental analysis - Two analytical models, Portfolio (finance) - Description, John Lintner, Behavioral portfolio theory, Linear regression - Finance, NHH - 1963ndash;1980: A new campus and rapid growth, CAPM, Returns-based style analysis - Concept, Kenneth French, Business valuation - Weighted average cost of capital (WACC), Capital budgeting - Capital Budgeting Definition, Working capital management - Investment and project valuation, Investment theory, List of publications in economics - Capital asset pricing model, and much more...

Engineering Management

Author : C. M. Chang
Publisher : CRC Press
ISBN 13 : 1498730094
Total Pages : 561 pages
Book Rating : 4.4/5 (987 download)

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Book Synopsis Engineering Management by : C. M. Chang

Download or read book Engineering Management written by C. M. Chang and published by CRC Press. This book was released on 2016-11-25 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: Engineering Management: Meeting the Global Challenges prepares engineers to fulfill their managerial responsibilities, acquire useful business perspectives, and take on the much-needed leadership roles to meet the challenges in the new millennium. Value addition, customer focus, and business perspectives are emphasized throughout. Also underlined are discussions of leadership attributes, steps to acquire these attributes, the areas engineering managers are expected to add value, the web-based tools which can be aggressively applied to develop and sustain competitive advantages, the opportunities offered by market expansion into global regions, and the preparations required for engineering managers to become global leaders. The book is organized into three major sections: functions of engineering management, business fundamentals for engineering managers, and engineering management in the new millennium. This second edition refocuses on the new strategy for science, technology, engineering, and math (STEM) professionals and managers to meet the global challenges through the creation of strategic differentiation and operational excellence. Major revisions include a new chapter on creativity and innovation, a new chapter on operational excellence, and combination of the chapters on financial accounting and financial management. The design strategy for this second edition strives for achieving the T-shaped competencies, with both broad-based perspectives and in-depth analytical skills. Such a background is viewed as essential for STEM professionals and managers to exert a strong leadership role in the dynamic and challenging marketplace. The material in this book will surely help engineering managers play key leadership roles in their organizations by optimally applying their combined strengths in engineering and management.

A New Model of Capital Asset Prices

Author : James W. Kolari
Publisher : Springer Nature
ISBN 13 : 3030651975
Total Pages : 326 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis A New Model of Capital Asset Prices by : James W. Kolari

Download or read book A New Model of Capital Asset Prices written by James W. Kolari and published by Springer Nature. This book was released on 2021-03-01 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes a new capital asset pricing model dubbed the ZCAPM that outperforms other popular models in empirical tests using US stock returns. The ZCAPM is derived from Fischer Black’s well-known zero-beta CAPM, itself a more general form of the famous capital asset pricing model (CAPM) by 1990 Nobel Laureate William Sharpe and others. It is widely accepted that the CAPM has failed in its theoretical relation between market beta risk and average stock returns, as numerous studies have shown that it does not work in the real world with empirical stock return data. The upshot of the CAPM’s failure is that many new factors have been proposed by researchers. However, the number of factors proposed by authors has steadily increased into the hundreds over the past three decades. This new ZCAPM is a path-breaking asset pricing model that is shown to outperform popular models currently in practice in finance across different test assets and time periods. Since asset pricing is central to the field of finance, it can be broadly employed across many areas, including investment analysis, cost of equity analyses, valuation, corporate decision making, pension portfolio management, etc. The ZCAPM represents a revolution in finance that proves the CAPM as conceived by Sharpe and others is alive and well in a new form, and will certainly be of interest to academics, researchers, students, and professionals of finance, investing, and economics.

Principles of the Capital Asset Pricing Model and the Importance in Firm Valuation

Author : Nadine Pahl
Publisher : GRIN Verlag
ISBN 13 : 3640303350
Total Pages : 77 pages
Book Rating : 4.6/5 (43 download)

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Book Synopsis Principles of the Capital Asset Pricing Model and the Importance in Firm Valuation by : Nadine Pahl

Download or read book Principles of the Capital Asset Pricing Model and the Importance in Firm Valuation written by Nadine Pahl and published by GRIN Verlag. This book was released on 2009-04 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,0, University of Applied Sciences Berlin, course: Financial Management, language: English, abstract: In everything you do, or don't do, there is a chance that something will happen that you didn't count on. Risk is the potential for unexpected things to happen. Risk aversion is a common thing among almost all investors. Investors generally dislike uncertainty or risk and agree that a safe dollar is worth more than a risky one. Therefore, investors will have to be persuaded to take higher risk by the offer of higher returns. In this investment context, the additional compensation for taking on higher risk is a higher rate of return.Every investment has a risk element: The investor will always not be certainwhether the investment will be able to generate the required income. The degree of risk defers from industry to industry but also from company to company. It is not possible to eliminate the investment risk altogether but to reduce is. Nevertheless, often there remains a risky part. According to the degree of risk, the investor demands a corresponding rate of return that is, of course, higher than the rate of return of risk-free investments. Taking on a risk should be paid off. The Capital Asset Pricing Model (CAPM) is an economic model for valuing stocks, securities, derivatives and/or assets by relating risk and expected rate of return. CAPM is based on the idea that investors demand additional expected return if they are asked to accept additional risk.

The Capital Asset Pricing Model

Author :
Publisher : Bookboon
ISBN 13 : 8776817121
Total Pages : 57 pages
Book Rating : 4.7/5 (768 download)

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Book Synopsis The Capital Asset Pricing Model by :

Download or read book The Capital Asset Pricing Model written by and published by Bookboon. This book was released on with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Asset Pricing Model

Author : 50minutes,
Publisher : 50 Minutes
ISBN 13 : 2806266173
Total Pages : 31 pages
Book Rating : 4.8/5 (62 download)

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Book Synopsis Capital Asset Pricing Model by : 50minutes,

Download or read book Capital Asset Pricing Model written by 50minutes, and published by 50 Minutes. This book was released on 2015-09-02 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make smart investment decisions to build a strong portfolio This book is a practical and accessible guide to understanding and implementing the capital asset pricing model, providing you with the essential information and saving time. In 50 minutes you will be able to: • Understand the uses of the capital asset pricing model and how you can apply it to your own portfolio • Analyze the components of your current portfolio and its level of efficiency to assess which assets you should retain and which you should remove • Calculate the level of risk involved in new investments so that you make the right decisions and build the most efficient portfolio possible ABOUT 50MINUTES.COM | Management & Marketing 50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.

Capital Asset Pricing Model (CAPM). A Case Study

Author : Alexander Moßhammer
Publisher : GRIN Verlag
ISBN 13 : 365688787X
Total Pages : 20 pages
Book Rating : 4.6/5 (568 download)

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Book Synopsis Capital Asset Pricing Model (CAPM). A Case Study by : Alexander Moßhammer

Download or read book Capital Asset Pricing Model (CAPM). A Case Study written by Alexander Moßhammer and published by GRIN Verlag. This book was released on 2015-02-02 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Business economics - Investment and Finance, grade: 1,00, University of Innsbruck (Department of Banking and Finance), course: Proseminar: Financial Management, language: English, abstract: The purpose of this paper is to do empirical research on the capital asset pricing model. The bases of our research are the returns of three stocks, the S&P 500 index which represents the market and the LIBOR as a proxy for the risk-free interest rate. The three companies that were chosen in this paper were Kellogg Company, KB Financial Group Inc. and Kate Spade & Company and all of them in combination represent our fictive market.

Limitations of the Capital Asset Pricing Model (CAPM)

Author : Manuel Kürschner
Publisher : GRIN Verlag
ISBN 13 : 3638073300
Total Pages : 41 pages
Book Rating : 4.6/5 (38 download)

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Book Synopsis Limitations of the Capital Asset Pricing Model (CAPM) by : Manuel Kürschner

Download or read book Limitations of the Capital Asset Pricing Model (CAPM) written by Manuel Kürschner and published by GRIN Verlag. This book was released on 2008-07-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cooperative Education, language: English, abstract: The objective of this paper is to give an overview of the most important movements of the complex area of asset pricing. This will be tried by logically structuring and building up the topic from its origins, the Capital Asset Pricing Model, and then over its main points of critique, in order to arrive at the different options developed by financial science that try to resolve those problematic aspects. Due to the complexity of this subject and the limited scope of this paper, obviously it will not be possible to discuss each model or movement in depth. Coherently, the aim is to point out the main thoughts of each aspect discussed. For further information, especially concerning the deeper mathematical backgrounds and derivations of the models, the author would like to refer the reader to the books mentioned in this paper. Many of those works, finance journal publications and the literature on asset pricing in general, set their focus on different parts of this paper, which again underlines the complexity in terms of scientific scope and intellectual and mathematical intricacy of this topic.

Limitations of the Capital Asset Pricing Model (CAPM)

Author : Manuel Kürschner
Publisher : GRIN Verlag
ISBN 13 : 3640099257
Total Pages : 81 pages
Book Rating : 4.6/5 (4 download)

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Book Synopsis Limitations of the Capital Asset Pricing Model (CAPM) by : Manuel Kürschner

Download or read book Limitations of the Capital Asset Pricing Model (CAPM) written by Manuel Kürschner and published by GRIN Verlag. This book was released on 2008-07 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cooperative Education, 31 entries in the bibliography, language: English, abstract: The objective of this paper is to give an overview of the most important movements of the complex area of asset pricing. This will be tried by logically structuring and building up the topic from its origins, the Capital Asset Pricing Model, and then over its main points of critique, in order to arrive at the different options developed by financial science that try to resolve those problematic aspects. Due to the complexity of this subject and the limited scope of this paper, obviously it will not be possible to discuss each model or movement in depth. Coherently, the aim is to point out the main thoughts of each aspect discussed. For further information, especially concerning the deeper mathematical backgrounds and derivations of the models, the author would like to refer the reader to the books mentioned in this paper. Many of those works, finance journal publications and the literature on asset pricing in general, set their focus on different parts of this paper, which again underlines the complexity in terms of scientific scope and intellectual and mathematical intricacy of this topic.

Relevance of Capital Asset Pricing Model - A Review

Author : Iqbal Thonse Hawaldar
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Relevance of Capital Asset Pricing Model - A Review by : Iqbal Thonse Hawaldar

Download or read book Relevance of Capital Asset Pricing Model - A Review written by Iqbal Thonse Hawaldar and published by . This book was released on 2020 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though it is commonly said that higher the risk higher would be the returns, the questions that remain are, what type of risks are awarded and what is risk premium per unit of risk. A few equilibrium asset-pricing models attempted to answer these questions. Out of these, Capital Asset Pricing Model (CAPM) is the most popular and widely used model. It was independently developed by Sharpe (1964), Lintner (1965), and Mossin (1966). Fama (1968), Black, Jensen and Scholes (1972), Fama and Mac Beth (1973), and Fama and French (1992) and others proposed further refinements. The CAPM provides a precise prediction of the relationship between the risk of an asset and its expected return. In the Indian stock market the empirical studies on CAPM showed mixed results. Roll's critique has attracted attention of many researchers and resulted in popular articles such as “Is Beta Dead?” “Is Beta Dead or Alive?” “Are Reports of Beta's Death Premature? “Is Beta Dead Again?” that effectively reduced the popularity of CAPM in the world of finance in 1992. The debate regarding superiority of Asset Pricing Theory (APT) to CAPM is continuing. The empirical testing of APT is still in its early stage and concrete results in favour of APT or against CAPM do not exist. Till then, CAPM is expected to dominate the capital market as a measure to ascertain expected returns of risky securities.

Application of Capital Asset Pricing (CAPM) and Arbitrage Pricing Theory (APT) Models in Athens Exchange Stock Market

Author : Eleftherios Giovanis
Publisher : GRIN Verlag
ISBN 13 : 3640576799
Total Pages : 94 pages
Book Rating : 4.6/5 (45 download)

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Book Synopsis Application of Capital Asset Pricing (CAPM) and Arbitrage Pricing Theory (APT) Models in Athens Exchange Stock Market by : Eleftherios Giovanis

Download or read book Application of Capital Asset Pricing (CAPM) and Arbitrage Pricing Theory (APT) Models in Athens Exchange Stock Market written by Eleftherios Giovanis and published by GRIN Verlag. This book was released on 2010-03-26 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Investment and Finance, grade: 90.0%, , language: English, abstract: This paper examines the estimating and forecasting performance of the different and various Generalized Autoregressive Conditional Heteroscedasticity-GARCH’s models in relation to Capital Asste Pricing Model (CAPM) model. We apply the CAPM model with ordinary least squares (OLS) method to investigate if an ARCH (Autoregressive Conditional Heteroscedasticity) is presented and we are trying to decide and to analyze which GARCH model is the most appropriate and the best fitted for the financial time series that we have chosen. We apply CAPM model in the financial time series of the share prices of Technology-Software Sector in Athens Exchange stock market for the period January 1st of 2002 to October 30th of 2007 for the enterprises “Unibrain” “MLS Informatics” and “Dionic” respectively , from April 2nd of 2002 to 30th October of 2007 for the enterprise “Compucon”, from August 2nd of 2002 to 30th October of 2007 for the enterprise “Centric”, and finally from February 2nd of 2004 to 30th October of 2007 for the enterprise “Ilyda”. Additionally, we apply roiling regressions, where the full programming routines in EVIEWS and MATLAB are described detailed. We conclude that the slope β coefficient of CAPM model is not constant through the time period of rolling regressions we apply. In the final part we examine a simple Arbitrage Pricing Theory (APT) model.

An Empirical Test of the "Capital Asset Pricing Modell" (CAPM) on Current Stock Data

Author : Lucas Ammelung
Publisher :
ISBN 13 : 9783346338099
Total Pages : 62 pages
Book Rating : 4.3/5 (38 download)

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Book Synopsis An Empirical Test of the "Capital Asset Pricing Modell" (CAPM) on Current Stock Data by : Lucas Ammelung

Download or read book An Empirical Test of the "Capital Asset Pricing Modell" (CAPM) on Current Stock Data written by Lucas Ammelung and published by . This book was released on 2020-12-30 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2020 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Munich University of Applied Sciences, language: English, abstract: The goal of this study is thus to determine the best available asset pricing model in Germany and whether the use of pre-existing datasets, with the factors already calculated, brings results as accurate as a custom dataset. This is relevant in Germany as the CAPM is still the most commonly used way to compute the cost of equity with 34% of companies using it. Another 16% of companies are using asset pricing models with additional risk factors. To determine the answer to this, this study will look into the aforementioned three most commonly used models: the CAPM, the Fama and French three-factor model and the Carhart four-factor model. After explaining the background and functioning of the CAPM, this study will show the flaws within the model and how these flaws led to extensions of the CAPM. Each model will then be statistically analyzed with three distinct sets of data. Two of these are publicly available, while the last has been calculated for this study. Lastly, to understand how the difference in data used can influence the results from asset pricing models, the runtime and underlying factor of datasets will be modified, re-analyzed and compared to the initial results.

An Empirical and Theoretical Analysis of Capital Asset Pricing Model

Author : Mohammad Sharifzadeh
Publisher : Universal-Publishers
ISBN 13 : 1599423758
Total Pages : 180 pages
Book Rating : 4.5/5 (994 download)

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Book Synopsis An Empirical and Theoretical Analysis of Capital Asset Pricing Model by : Mohammad Sharifzadeh

Download or read book An Empirical and Theoretical Analysis of Capital Asset Pricing Model written by Mohammad Sharifzadeh and published by Universal-Publishers. This book was released on 2010-11-18 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problem addressed in this dissertation research was the inability of the single-factor capital asset pricing model (CAPM) to identify relevant risk factors that investors consider in forming their return expectations for investing in individual stocks. Identifying the appropriate risk factors is important for investment decision making and is pertinent to the formation of stocks' prices in the stock market. Therefore, the purpose of this study was to examine theoretical and empirical validity of the CAPM and to develop and test a multifactor model to address and resolve the empirical shortcomings of the single-factor CAPM. To verify the empirical validity of the standard CAPM and of the multifactor model, five hypotheses were developed and tested against historical monthly data for U.S. public companies. Testing the CAPM hypothesis revealed that the explanatory power of the overall stock market rate of return in explaining individual stock's expected rates of return is very weak, suggesting the existence of other risk factors. Testing of the other hypotheses verified that the implied volatility of the overall market as a systematic risk factor and the companies' size and financial leverage as nonsystematic risk factors are important in determining stock's expected returns and investors should consider these factors in their investment decisions. The findings of this research have important implications for social change. The outcome of this study can change the way individual and institutional investors as well as corporations make investment decisions and thus change the equilibrium prices in the stock market. These changes in turn could lead to significant changes in the resource allocation in the economy, in the economy's production capacity and production composition, and in the employment structure of the society.

Modern Portfolio Theory, the Capital Asset Pricing Model, and Arbitrage Pricing Theory

Author : Diana R. Harrington
Publisher : Prentice Hall
ISBN 13 :
Total Pages : 242 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Modern Portfolio Theory, the Capital Asset Pricing Model, and Arbitrage Pricing Theory by : Diana R. Harrington

Download or read book Modern Portfolio Theory, the Capital Asset Pricing Model, and Arbitrage Pricing Theory written by Diana R. Harrington and published by Prentice Hall. This book was released on 1987 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Arbitrage Pricing Theory as an Approach to Capital Asset Valuation

Author : Christian Koch
Publisher : GRIN Verlag
ISBN 13 : 3640277856
Total Pages : 81 pages
Book Rating : 4.6/5 (42 download)

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Book Synopsis The Arbitrage Pricing Theory as an Approach to Capital Asset Valuation by : Christian Koch

Download or read book The Arbitrage Pricing Theory as an Approach to Capital Asset Valuation written by Christian Koch and published by GRIN Verlag. This book was released on 2009-03 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 1996 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 160 entries in the bibliography, language: English, abstract: A "few surprises" could be the trivial answer of the Arbitrage Pricing Theory if asked for the major determinants of stock returns. The APT was developed as a traceable framework of the main principles of capital asset pricing in financial markets. It investigates the causes underlying one of the most important fields in financial economics, namely the relationship between risk and return. The APT provides a thorough understanding of the nature and origins of risk inherent in financial assets and how capital markets reward an investor for bearing risk. Its fundamental intuition is the absence of arbitrage which is, indeed, central to finance and which has been used in virtually all areas of financial study. Since its introduction two decades ago, the APT has been subject to extensive theoretical as well as empirical research. By now, the arbitrage theory is well established in both respects and has enlightened our perception of capital markets. This paper aims to present the APT as an appropriate instrument of capital asset pricing and to link its principles to the valuation of risky income streams. The objective is also to provide an overview of the state of art of APT in the context of alternative capital market theories. For this purpose, Section 2 describes the basic concepts of the traditional asset pricing model, the CAPM, and indicates differences to arbitrage theory. Section 3 constitutes the main part of this paper introducing a derivation of the APT. Emphasis is laid on principles rather than on rigorous proof. The intuition of the pricing formula and its consistency with the state space preference theory are discussed. Important contributions to the APT are classified and br

Asset Pricing for Dynamic Economies

Author : Sumru Altug
Publisher : Cambridge University Press
ISBN 13 : 1139474367
Total Pages : 686 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Asset Pricing for Dynamic Economies by : Sumru Altug

Download or read book Asset Pricing for Dynamic Economies written by Sumru Altug and published by Cambridge University Press. This book was released on 2008-09-11 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction to general equilibrium modelling takes an integrated approach to the analysis of macroeconomics and finance. It provides students, practitioners, and policymakers with an easily accessible set of tools that can be used to analyze a wide range of economic phenomena. Key features: • Provides a consistent framework for understanding dynamic economic models • Introduces key concepts in finance in a discrete time setting • Develops simple recursive approach for analyzing a variety of problems in a dynamic, stochastic environment • Sequentially builds up the analysis of consumption, production, and investment models to study their implications for allocations and asset prices • Reviews business cycle analysis and the business cycle implications of monetary and international models • Covers latest research on asset pricing in overlapping generations models and on models with borrowing constraints and transaction costs • Includes end-of-chapter exercises allowing readers to monitor their understanding of each topic Online resources are available at www.cambridge.org/altug_labadie

Asset Pricing

Author : Bing Cheng
Publisher : World Scientific
ISBN 13 : 9812704558
Total Pages : 91 pages
Book Rating : 4.8/5 (127 download)

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Book Synopsis Asset Pricing by : Bing Cheng

Download or read book Asset Pricing written by Bing Cheng and published by World Scientific. This book was released on 2008 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern asset pricing models play a central role in finance and economic theory and applications. This book introduces a structural theory to evaluate these asset pricing models and throws light on the existence of Equity Premium Puzzle. Based on the structural theory, some algebraic (valuation-preserving) operations are developed in asset spaces and pricing kernel spaces. This has a very important implication leading to practical guidance in portfolio management and asset allocation in the global financial industry. The book also covers topics, such as the role of over-confidence in asset pricing modeling, relationship of the portfolio insurance with option and consumption-based asset pricing models, etc.