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Capital Asset Pricing Models Under Uncertain Inflation
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Book Synopsis Capital Asset Pricing Models Under Uncertain Inflation by : Kamalakar Vinayak Pradhan
Download or read book Capital Asset Pricing Models Under Uncertain Inflation written by Kamalakar Vinayak Pradhan and published by . This book was released on 1978 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Asset Prices Under Uncertain Inflation by : Elaine Tren-Yu Chen
Download or read book Capital Asset Prices Under Uncertain Inflation written by Elaine Tren-Yu Chen and published by . This book was released on 1976 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Asset Pricing Models Under Uncertain Inflation by : J. C. Young
Download or read book Capital Asset Pricing Models Under Uncertain Inflation written by J. C. Young and published by . This book was released on 1978 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Uncertain Inflation, Systematic Risk, and the Capital Asset Pricing Model by : Thomas A. Lawler
Download or read book Uncertain Inflation, Systematic Risk, and the Capital Asset Pricing Model written by Thomas A. Lawler and published by . This book was released on 1978 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Capital Markets by : Marshall Blume
Download or read book Inflation and Capital Markets written by Marshall Blume and published by Ballinger Publishing Company. This book was released on 1978 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Risk and Capital Asset Pricing by : Chi-cheng Hsia
Download or read book Inflation Risk and Capital Asset Pricing written by Chi-cheng Hsia and published by . This book was released on 1974 with total page 364 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 Uncertain Inflation and Capital Asset Prices by : Elaine T. Chen
Download or read book Uncertain Inflation and Capital Asset Prices written by Elaine T. Chen and published by . This book was released on 1976 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Demand for Risky Assets and Equilibrium Rates of Returns Under Uncertain Inflation by : Suk-Mo Koo
Download or read book Demand for Risky Assets and Equilibrium Rates of Returns Under Uncertain Inflation written by Suk-Mo Koo and published by . This book was released on 1978 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Decision Making Under Uncertainty by : ANDERSON ANDERSON WEBSTER
Download or read book Financial Decision Making Under Uncertainty written by ANDERSON ANDERSON WEBSTER and published by Academic Press. This book was released on 2014-06-28 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Dec Making under Uncertainty
Book Synopsis Risk, Capital Costs, and Project Financing Decisions by : F.G.J. Derkinderen
Download or read book Risk, Capital Costs, and Project Financing Decisions written by F.G.J. Derkinderen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ending of the decade of the seventies and the dawning of the eighties can be characterized as a period of great uncertainty with prospects for economic political instability. High inflation and fluctuating exchange rates in the de veloped Western world have served to strengthen the forces of disequilibrium in the fmancial markets, leading to an investment situation with several unusual but significant factors. Capital spending by business, leading to the creation of new jobs, has not been reduced substantially during this period of uncertainty, as happened in similar periods in the past. This is shown in part by the continuing low unemployment rates in evidence during the period, which are in contradic tion to the trend exhibited in similar past periods. The expanding financing re quirements resulting from high price inflation have led to an increase in the capital intensity of firms, and thus to enhanced sensitivity of their income streams to economic fluctuations. At the same time, the record high interest rates that companies have had to pay to acquire this inflated amount of capital have caused a deterioration in the safety or quality indica tors by which the creditworthiness of the firms is judged. These developments tend to increase vii viii INTRODUCTION the stakes involved in business decision making. One important repercussion of this is that greater attention is now being focused on improving the quality of investment decisions.
Download or read book Volatility written by Robert A. Jarrow and published by . This book was released on 1998 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a number of authors, this text is aimed at market practitioners and applies the latest stochastic volatility research findings to the analysis of stock prices. It includes commentary and analysis based on real-life situations.
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.
Book Synopsis A Generalized Higher-Moment Capital Asset Pricing Model, with Theoretical Implications and Legal Applications by : James Ming Chen
Download or read book A Generalized Higher-Moment Capital Asset Pricing Model, with Theoretical Implications and Legal Applications written by James Ming Chen and published by . This book was released on 2017 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conventional capital asset pricing model (CAPM) has come under severe attack for its failure to reflect investor behavior. This paper describes financial decision-making under uncertainty in formal mathematical terms as a generalized higher-moment capital asset pricing model. It develops that model through the Taylor series expansion of the logarithm of expected financial returns. This mathematical expedient treats the conventional two-moment CAPM and a four-moment variant (expressed in terms of mean, variance, skewness, and kurtosis) as convenient, mentally tractable special cases of a generalized higher-moment model.This paper then explores the theoretical implications and legal applications of higher-moment asset pricing. In prospect theory, perhaps the best known expression of behavioral economics, a “fourfold pattern” of decisionmaking under uncertainty predicts risk-seeking behavior in particular circumstances. Skewness preference arises in a wide variety of economic settings. Diverse bodies of financial regulation address transactions that strongly resemble legalized gambling, ranging from prize-linked savings to initial public offerings. Over time, cycles of misperception of risk and return consistent with the “disposition effect” of behavioral finance generate systematic gaps between hypothetical investment returns and actual returns realized by investors.
Book Synopsis Modern Portfolio Theory and Investment Analysis by : Edwin J. Elton
Download or read book Modern Portfolio Theory and Investment Analysis written by Edwin J. Elton and published by John Wiley & Sons. This book was released on 2009-11-16 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt: An update of a classic book in the field, Modern Portfolio Theory examines the characteristics and analysis of individual securities as well as the theory and practice of optimally combining securities into portfolios. It stresses the economic intuition behind the subject matter while presenting advanced concepts of investment analysis and portfolio management. Readers will also discover the strengths and weaknesses of modern portfolio theory as well as the latest breakthroughs.
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.