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Financial Asset Pricing Theory by Claus Munk (Paperback, 2015)

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book pictured - Paperback
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Item specifics

Condition
Like New
A book that has been read, but looks new. The book cover has no visible wear, and the dust jacket (if applicable) is included for hard covers. No missing or damaged pages, no creases or tears, no underlining or highlighting of text, and no writing in the margins. May have no identifying marks on the inside cover. No wear and tear. See the seller’s listing for full details and description of any imperfections. See all condition definitionsopens in a new window or tab
Seller notes
“book pictured - Paperback”
ISBN
9780198716457
Publication Year
2015
Type
Textbook
Format
Paperback
Language
English
Publication Name
Financial Asset Pricing Theory
Item Height
156 mm
Author
Claus Munk
Publisher
Oxford University Press
Subject
Economics, Finance, Mathematics
Item Weight
900 g
Item Width
234 mm
Number of Pages
597 Pages

About this product

Product Information

Financial Asset Pricing Theory offers a comprehensive overview of the classic and the current research in theoretical asset pricing. Asset pricing is developed around the concept of a state-price deflator which relates the price of any asset to its future (risky) dividends and thus incorporates how to adjust for both time and risk in asset valuation. The willingness of any utility-maximizing investor to shift consumption over time defines a state-price deflator which provides a link between optimal consumption and asset prices that leads to the Consumption-based Capital Asset Pricing Model (CCAPM). A simple version of the CCAPM cannot explain various stylized asset pricing facts, but these asset pricing 'puzzles' can be resolved by a number of recent extensions involving habit formation, recursive utility, multiple consumption goods, and long-run consumption risks. Other valuation techniques and modelling approaches (such as factor models, term structure models, risk-neutral valuation, and option pricing models) are explained and related to state-price deflators. The book will serve as a textbook for an advanced course in theoretical financial economics in a PhD or a quantitative Master of Science program. It will also be a useful reference book for researchers and finance professionals. The presentation in the book balances formal mathematical modelling and economic intuition and understanding. Both discrete-time and continuous-time models are covered. The necessary concepts and techniques concerning stochastic processes are carefully explained in a separate chapter so that only limited previous exposure to dynamic finance models is required.

Product Identifiers

Publisher
Oxford University Press
ISBN-13
9780198716457
eBay Product ID (ePID)
209707368

Product Key Features

Number of Pages
597 Pages
Publication Name
Financial Asset Pricing Theory
Language
English
Subject
Economics, Finance, Mathematics
Publication Year
2015
Type
Textbook
Author
Claus Munk
Format
Paperback

Dimensions

Item Height
156 mm
Item Weight
900 g
Item Width
234 mm

Additional Product Features

Country/Region of Manufacture
United Kingdom
Title_Author
Claus Munk

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VAT number: GB 297771245, XI 297771245
CRN: NI641534
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