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Modern financial management
Author:
ISBN: 9780071100885 0071100881 9780071286527 0071286527 9780071100885 0071100881 Year: 2008 Publisher: Boston (Mass.) McGraw-Hill/Irwin

The debt market. 1 : Valuation : The general theory
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ISBN: 1852789875 Year: 2000 Publisher: Aldershot Elgar


Book
The Recovery Theorem
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Year: 2011 Publisher: Cambridge, Mass. National Bureau of Economic Research

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The Recovery Theorem
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Year: 2011 Publisher: Cambridge, Mass. National Bureau of Economic Research

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We can only estimate the distribution of stock returns but we observe the distribution of risk neutral state prices. Risk neutral state prices are the product of risk aversion – the pricing kernel – and the natural probability distribution. The Recovery Theorem enables us to separate these and to determine the market's forecast of returns and the market's risk aversion from state prices alone. Among other things, this allows us to determine the pricing kernel, the market risk premium, the probability of a catastrophe, and to construct model free tests of the efficient market hypothesis.


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Neoclassical Finance
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ISBN: 1282607472 9786612607479 1400830206 Year: 2009 Publisher: Princeton, NJ : Princeton University Press,

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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.


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Neoclassical Finance
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ISBN: 9781400830206 Year: 2009 Publisher: Princeton, NJ

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Neoclassical finance
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ISBN: 8122418813 9788122418811 Year: 2006 Publisher: Princeton : Princeton University Press,

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Neoclassical Finance
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ISBN: 9781400830206 9780691121383 Year: 2009 Publisher: Princeton, N.J. Princeton University Press

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Economics


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Corporate finance
Authors: ---
ISBN: 0801642116 0801651867 9780801642111 9780801651861 Year: 1988 Publisher: St. Louis, Miss. Times Mirror/Mosby College Publishing

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