Neoclassical Finance
(Sprache: Englisch)
Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing...
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Klappentext zu „Neoclassical Finance “
Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail.By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated.
Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.
Inhaltsverzeichnis zu „Neoclassical Finance “
PREFACE ix CHAPTER ONE: No Arbitrage: The Fundamental Theorem of Finance 1 CHAPTER TWO: Bounding the Pricing Kernel, Asset Pricing, and Complete Markets 22 CHAPTER THREE: Efficient Markets 42 CHAPTER FOUR: A Neoclassical Look at Behavioral Finance: The Closed-End Fund Puzzle 66 BIBLIOGRAPHY 95 INDEX 101
Autoren-Porträt von Stephen A. Ross
Stephen Ross is presently the Franco Modigliani Professor of Finance and Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in finance and economics, Professor Ross is recognized for his work in developing the Arbitrage Pricing Theory and his substantial contributions to the discipline through his research in signaling, agency theory, option pricing, and the theory of the term structure of interest rates, among other topics. A past president of the American Finance Association, he currently serves as an associate editor of several academic and practitioner journals. He is a trustee of CalTech, a director of the College Retirement Equity Fund (CREF), and Freddie Mac. He is also the co-chairman of Roll and Ross Asset Management Corporation.
Bibliographische Angaben
- Autor: Stephen A. Ross
- 2004, 120 Seiten, Maße: 16,1 x 24 cm, Gebunden, Englisch
- Verlag: Princeton University Press
- ISBN-10: 0691121389
- ISBN-13: 9780691121383
- Erscheinungsdatum: 31.10.2004
Sprache:
Englisch
Rezension zu „Neoclassical Finance “
"Neoclassical Finance is a significant contribution to the field that deserves to be widely cited. Stephen Ross provides a clear and concise discussion of basic theory, a new and in some ways unique look at arbitrage and market efficiency, and resolves a long-standing empirical puzzle about closed end funds." - Richard Roll, Japan Alumni Chair in Finance, Anderson School of Business at the University of California, Los Angeles"
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