Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Uniqueness Of Equilibrium In The Classical Capital Asset Pricing Model
Download Uniqueness Of Equilibrium In The Classical Capital Asset Pricing Model full books in PDF, epub, and Kindle. Read online Uniqueness Of Equilibrium In The Classical Capital Asset Pricing Model ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Uniqueness of Equilibrium in the Classical Capital Asset Pricing Model by : Lars Tyge Nielsen
Download or read book Uniqueness of Equilibrium in the Classical Capital Asset Pricing Model written by Lars Tyge Nielsen and published by . This book was released on 1986 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Existence of Equilibrium in the Classical Capital Asset Pricing Model by : Lars Tyge Nielsen
Download or read book Existence of Equilibrium in the Classical Capital Asset Pricing Model written by Lars Tyge Nielsen and published by . This book was released on 1986 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Preference Structure and Equilibrium in the Classical Capital Asset Pricing Model by : Lars Tyge Nielsen
Download or read book Preference Structure and Equilibrium in the Classical Capital Asset Pricing Model written by Lars Tyge Nielsen and published by . This book was released on 1985 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Partial- Vs. General-equilibrium Models of the International Capital Market by : Bernard Dumas
Download or read book Partial- Vs. General-equilibrium Models of the International Capital Market written by Bernard Dumas and published by . This book was released on 1993 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide an explanation for, or take into account, a number of stylized facts of international finance: UIRP deviations, home-equity preference, PPP deviations and their persistence, consumption behavior in relation to wealth. In addition, I ask which approach is more likely in future research to help us identify the relevant state variables of the economy. None of the models satisfactorily explains the stylized facts but the CAPM approach affords the most productive avenue for empirical research in the immediate future.
Book Synopsis Equilibria in the CAPM with Nontradeable Endowments by : Pablo Koch-Medina
Download or read book Equilibria in the CAPM with Nontradeable Endowments written by Pablo Koch-Medina and published by . This book was released on 2015 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper establishes existence and uniqueness of equilibria in a capital asset pricing model (CAPM) with non-tradeable endowments. The result is obtained by generalising the classical two-fund separation for asset-demand functions to reduce a multi-variate fixed-point problem to a uni-variate one. The paper highlights the importance of two limiting properties of agents' risk aversion. First, individual asset demand may become undefined if the limiting slopes of the investor's indifference curves are finite. Second, agents' aggregate demand for risk may be bounded from above so that no equilibrium exists if market risk is too large. The paper provides an explicit pricing formula and a generalised security market line and studies the effect of non-traded endowments on asset prices and asset allocations.
Book Synopsis An Equilibrium Capital Asset Pricing Model in Markets with Price Jumps and Price Bubbles by : Robert A. Jarrow
Download or read book An Equilibrium Capital Asset Pricing Model in Markets with Price Jumps and Price Bubbles written by Robert A. Jarrow and published by . This book was released on 2017 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives an equilibrium capital asset pricing model (CAPM) in a market where asset prices can exhibit price jumps and price bubbles. We derive a generalized intertertemporal CAPM and consumption CAPM for these markets. The derived risk return relation differs from the classical results only in the characterization of the state price density, which depends on the existence of price bubbles, and in the number and quantity of systematic risk factors.
Book Synopsis Equilibrium in the classical asset pricing model by :
Download or read book Equilibrium in the classical asset pricing model written by and published by . This book was released on 1985 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis General Equilibrium Foundations of Finance by : Thorsten Hens
Download or read book General Equilibrium Foundations of Finance written by Thorsten Hens and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to give a sound economic foundation of finance. Finance is a coherent branch of applied economics that is designed to understand financial markets in order to give advice for practical financial decisions. This book argues that for a sound economic foundation of finance the famous general equilibrium model which in its modern form emphasizes the incompleteness of financial markets is well suited. The aim of the book is to demonstrate that financial markets can be meaningfully embedded into a more general system of markets including, for example, commodity markets. The interaction of these markets can be described via the well known notion of a competitive equilibrium. We argue that for a sound foundation this competitive equilibrium should be unique. In a first step we demonstrate that this essential goal cannot of be achieved based only on the rationality principle, i. e. on the assumption utility maximization of some utility function subject to the budget constraint. In particular we show that this important lack of structure is disturbing as well for the case of mean-variance utility functions which are the basis of the Capital Asset Pricing Model, one of the cornerstones of finance. The final goal of our book is to give reasonable restrictions on the agents' utility functions which lead to a well determined financial markets model.
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
Download or read book Memo written by and published by . This book was released on 1985 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Capital Asset Pricing Model in the 21st Century by : Haim Levy
Download or read book The Capital Asset Pricing Model in the 21st Century written by Haim Levy and published by Cambridge University Press. This book was released on 2011-10-30 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.
Book Synopsis Capital Market Equilibrium and Efficiency by : James L. Bicksler
Download or read book Capital Market Equilibrium and Efficiency written by James L. Bicksler and published by Free Press. This book was released on 1977 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Asset Pricing and Portfolio Choice Theory by : Kerry Back
Download or read book Asset Pricing and Portfolio Choice Theory written by Kerry Back and published by Oxford University Press. This book was released on 2010-09-10 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Asset Pricing and Portfolio Choice Theory, Kerry E. Back at last offers what is at once a welcoming introduction to and a comprehensive overview of asset pricing. Useful as a textbook for graduate students in finance, with extensive exercises and a solutions manual available for professors, the book will also serve as an essential reference for scholars and professionals, as it includes detailed proofs and calculations as section appendices. Topics covered include the classical results on single-period, discrete-time, and continuous-time models, as well as various proposed explanations for the equity premium and risk-free rate puzzles and chapters on heterogeneous beliefs, asymmetric information, non-expected utility preferences, and production models. The book includes numerous exercises designed to provide practice with the concepts and to introduce additional results. Each chapter concludes with a notes and references section that supplies pathways to additional developments in the field.
Book Synopsis The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets by : John Geanakoplos
Download or read book The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets written by John Geanakoplos and published by . This book was released on 1989 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets Theory by : Emilio Barucci
Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer Science & Business Media. This book was released on 2002-12-11 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.
Book Synopsis Popularity: A Bridge between Classical and Behavioral Finance by : Roger G. Ibbotson
Download or read book Popularity: A Bridge between Classical and Behavioral Finance written by Roger G. Ibbotson and published by CFA Institute Research Foundation. This book was released on 2018 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical and behavioral finance are often seen as being at odds, but the idea of “popularity” has been introduced as a way of reconciling the two approaches. Investors like or dislike various characteristics of securities for rational reasons (as in classical finance) or irrational reasons (as in behavioral finance), which makes the assets popular or unpopular. In the capital markets, popular (unpopular) securities trade at prices that are higher (lower) than they would be otherwise; hence, the shares may provide lower (higher) expected returns.This book builds on this idea and expands it in two major ways. First, it introduces a rigorous asset pricing model, the popularity asset pricing model (PAPM), which adds investor preferences for security characteristics other than the risk and expected return that are part of the capital asset pricing model. A major conclusion of the PAPM is that the expected return of any security is a linear function of not only its systematic risk (beta) but also of all security characteristics that investors care about. The other major contribution of the book is new empirical work that, while confirming the well-known premiums (such as size, value, and liquidity) in a popularity context, supports the popularity hypothesis on the basis of portfolios of stocks based on such characteristics as brand value, sustainable competitive advantage, and reputation. Popularity unifies the factors that affect price in classical finance with those that drive price in behavioral finance, thus creating a unifying theory or bridge between classical and behavioral finance.
Author :Richard G. Harris Publisher :Kingston, Ont. : Institute for Economic Research, Queen's University ISBN 13 : Total Pages :74 pages Book Rating :4.:/5 (763 download)
Book Synopsis A General Equilibrium Analysis of the Capital Asset Pricing Model by : Richard G. Harris
Download or read book A General Equilibrium Analysis of the Capital Asset Pricing Model written by Richard G. Harris and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1975* with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: