Neoclassical Finance

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Neoclassical Finance

Stephen A. Ross
Neoclassical Finance Book PDF

Author : Stephen A. Ross
Publisher : Princeton University Press
Page : 120 pages
File Size : 52,9 Mb
Release : 2009-04-11
Category : Business & Economics
ISBN : 9781400830206

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Neoclassical Finance by Stephen A. Ross Pdf

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.

Risk Management and Value Creation in Financial Institutions

Gerhard Schroeck
Risk Management and Value Creation in Financial Institutions Book PDF

Author : Gerhard Schroeck
Publisher : John Wiley & Sons
Page : 354 pages
File Size : 52,6 Mb
Release : 2002-10-01
Category : Business & Economics
ISBN : 9780471429746

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Risk Management and Value Creation in Financial Institutions by Gerhard Schroeck Pdf

An analysis of the links between risk management and value creation Risk Management and Value Creation in Financial Institutions explores a variety of methods that can be utilized to create economic value at financial institutions. This invaluable resource shows how banks can use risk management to create value for shareholders, addresses the advantages of risk-adjusted return on capital (RAROC) measures, and develops the foundations for a model to identify comparative advantages that emerge as a result of risk-management decisions. It is the only book needed for banking executives interested in the relationship between risk management and value creation.

Finance, Investment, and Macroeconomics

Myron J. Gordon
Finance Investment and Macroeconomics Book PDF

Author : Myron J. Gordon
Publisher : Aldershot, England : E. Elgar
Page : 236 pages
File Size : 44,7 Mb
Release : 1994
Category : Business & Economics
ISBN : STANFORD:36105005160135

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Finance, Investment, and Macroeconomics by Myron J. Gordon Pdf

Contiene: Macroeconomic motivation, neoclassical theory of finance and investment, a post keynesian theory of finance and investment; Neoclassical theory: neoclassical theory on capital structure, neoclassical theory on dividend policy, alternative models and their cost of equity capital; A post keynesian theory: Investment policy and long-run survival for a portfolio, pursuit of security and the stability of a keynesian, a macro model with a micro poundation; A theory of economic systems: growth, security and the transformation of economic.

Behavioral Finance and Capital Markets

A. Szyszka
Behavioral Finance and Capital Markets Book PDF

Author : A. Szyszka
Publisher : Springer
Page : 417 pages
File Size : 52,6 Mb
Release : 2013-09-04
Category : Business & Economics
ISBN : 9781137366290

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Behavioral Finance and Capital Markets by A. Szyszka Pdf

Behavioral Finance helps investors understand unusual asset prices and empirical observations originating out of capital markets. At its core, this field of study aids investors in navigating complex psychological trappings in market behavior and making smarter investment decisions. Behavioral Finance and Capital Markets reveals the main foundations underpinning neoclassical capital market and asset pricing theory, as filtered through the lens of behavioral finance. Szyszka presents and classifies many of the dynamic arguments being made in the current literature on the topic through the use of a new, ground-breaking methodology termed: the General Behavioral Asset Pricing Model (GBM). GBM describes how asset prices are influenced by various behavioral heuristics and how these prices deviate from fundamental values due to irrational behavior on the part of investors. The connection between psychological factors responsible for irrational behavior and market pricing anomalies is featured extensively throughout the text. Alternative explanations for various theoretical and empirical market puzzles - such as the 2008 U.S. financial crisis - are also discussed in a convincing and interesting manner. The book also provides interesting insights into behavioral aspects of corporate finance.

Controversies in Economics and Finance

Imad A. Moosa
Controversies in Economics and Finance Book PDF

Author : Imad A. Moosa
Publisher : Edward Elgar Publishing
Page : 352 pages
File Size : 48,6 Mb
Release : 2020-11-27
Category : Business & Economics
ISBN : 9781839105623

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Controversies in Economics and Finance by Imad A. Moosa Pdf

In this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.

Theory and Reality in Financial Economics

George M. Frankfurter
Theory and Reality in Financial Economics Book PDF

Author : George M. Frankfurter
Publisher : World Scientific
Page : 238 pages
File Size : 54,7 Mb
Release : 2007
Category : Business & Economics
ISBN : 9789812707918

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Theory and Reality in Financial Economics by George M. Frankfurter Pdf

A collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. This book argues that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face.

Behavioralizing Finance

Hersh Shefrin
Behavioralizing Finance Book PDF

Author : Hersh Shefrin
Publisher : Now Publishers Inc
Page : 196 pages
File Size : 45,7 Mb
Release : 2010
Category : Business & Economics
ISBN : 9781601983305

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Behavioralizing Finance by Hersh Shefrin Pdf

Behavioralizing Finance provides a structured approach to behavioral finance in respect to underlying psychological concepts, formal framework, testable hypotheses, and empirical findings.

Routledge Library Editions: Financial Markets

Various
Routledge Library Editions Financial Markets Book PDF

Author : Various
Publisher : Routledge
Page : 5571 pages
File Size : 47,8 Mb
Release : 2021-07-09
Category : Business & Economics
ISBN : 9781351333597

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Routledge Library Editions: Financial Markets by Various Pdf

The volumes in this set, originally published between 1970 and 1996, draw together research by leading academics in the area of economic and financial markets, and provide a rigorous examination of related key issues. The volumes examine the stock exchange, capital cities as financial centres, international capital, the financial system, bond duration, security market indices and artificial intelligence applications on Wall Street, whilst also exploring the general principles and practices of financial markets in various countries. This set will be of particular interest to students of economics and finance respectively.

Handbook of Alternative Data in Finance, Volume I

Gautam Mitra,Christina Erlwein-Sayer,Kieu Thi Hoang,Diana Roman,Zryan Sadik
Handbook of Alternative Data in Finance Volume I Book PDF

Author : Gautam Mitra,Christina Erlwein-Sayer,Kieu Thi Hoang,Diana Roman,Zryan Sadik
Publisher : CRC Press
Page : 488 pages
File Size : 43,9 Mb
Release : 2023-07-12
Category : Business & Economics
ISBN : 9781000897982

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Handbook of Alternative Data in Finance, Volume I by Gautam Mitra,Christina Erlwein-Sayer,Kieu Thi Hoang,Diana Roman,Zryan Sadik Pdf

Handbook of Alternative Data in Finance, Volume I motivates and challenges the reader to explore and apply Alternative Data in finance. The book provides a robust and in-depth overview of Alternative Data, including its definition, characteristics, difference from conventional data, categories of Alternative Data, Alternative Data providers, and more. The book also offers a rigorous and detailed exploration of process, application and delivery that should be practically useful to researchers and practitioners alike. Features Includes cutting edge applications in machine learning, fintech, and more Suitable for professional quantitative analysts, and as a resource for postgraduates and researchers in financial mathematics Features chapters from many leading researchers and practitioners

Rethinking Finance in the Face of New Challenges

David Bourghelle,Roland Pérez,Philippe Rozin
Rethinking Finance in the Face of New Challenges Book PDF

Author : David Bourghelle,Roland Pérez,Philippe Rozin
Publisher : Emerald Group Publishing
Page : 313 pages
File Size : 42,6 Mb
Release : 2021-10-25
Category : Business & Economics
ISBN : 9781801177887

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Rethinking Finance in the Face of New Challenges by David Bourghelle,Roland Pérez,Philippe Rozin Pdf

Rethinking Finance in the Face of New Challenges provides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance.

Popularity: A Bridge between Classical and Behavioral Finance

Roger G. Ibbotson,Thomas M. Idzorek,Paul D. Kaplan,James X. Xiong
Popularity A Bridge between Classical and Behavioral Finance Book PDF

Author : Roger G. Ibbotson,Thomas M. Idzorek,Paul D. Kaplan,James X. Xiong
Publisher : CFA Institute Research Foundation
Page : 128 pages
File Size : 41,9 Mb
Release : 2018
Category : Business & Economics
ISBN : 9781944960612

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Popularity: A Bridge between Classical and Behavioral Finance by Roger G. Ibbotson,Thomas M. Idzorek,Paul D. Kaplan,James X. Xiong Pdf

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.

Bursting the Bubble: Rationality in a Seemingly Irrational Market

David F. DeRosa
Bursting the Bubble Rationality in a Seemingly Irrational Market Book PDF

Author : David F. DeRosa
Publisher : CFA Institute Research Foundation
Page : 206 pages
File Size : 42,7 Mb
Release : 2021-04-02
Category : Business & Economics
ISBN : 9781952927119

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Bursting the Bubble: Rationality in a Seemingly Irrational Market by David F. DeRosa Pdf

The presence of speculative bubbles in capital markets (an important area of interest in financial history) is widely accepted across many circles. Talk of them is pervasive in the media and especially in the popular financial press. Bubbles are thought to be found primarily in the stock market, which is our main interest, although bubbles are said to occur in other markets. Bubbles go hand in hand with the notion that markets can be irrational. The academic community has a great interest in bubbles, and it has produced scholarly literature that is voluminous. For some economists, doing bubble research is like joining the vanguard of a Kuhnian paradigm shift in economic thinking. Not so fast. If bubbles did exist, they would pose a serious challenge to neoclassical finance. Bubbles would contradict the ideas that markets are rational or work in an informationally efficient manner. That’s what makes the topic of bubbles interesting. This book reviews and evaluates the academic literature as well as some popular investment books on the possible existence of speculative bubbles in the stock market. The main question is whether there is convincing empirical evidence that bubbles exist. A second question is whether the theoretical concepts that have been advanced for bubbles make them plausible. The reader will discover that I am skeptical that bubbles actually exist. But I do not think I or anyone else will ever be able to conclusively prove that there has never been a bubble. From studying the literature and from reading history, I find that many famous purported bubbles reflect inaccurate history or mistakes in analysis or simply cannot be shown to have existed. In other instances, bubbles might have existed. But in each of those cases, there are credible rational explanations. And good evidence exists for the idea that even if bubbles do exist, they are not of great importance to understanding the stock market.

Making Money

Ole Bjerg
Making Money Book PDF

Author : Ole Bjerg
Publisher : Verso Books
Page : 304 pages
File Size : 44,6 Mb
Release : 2014-04-22
Category : Philosophy
ISBN : 9781781686423

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Making Money by Ole Bjerg Pdf

What is money? Where does it come from? Who makes it? And how can we understand the current state of our economy as a crisis of money itself? In Making Money, Ole Bjerg turns these questions into a matter of philosophical rather than economic analysis. Applying the thinking of Slavoj Zizek and other scholars to mainstream economic literature, Bjerg provides a radical new way of looking at the mysterious stuff we use to buy things. It is a theory unfolded in reflections on the nature of monetary phenomena such as financial markets, banks, debt, credit, derivatives, gold, risk, value, price, interests, and arbitrage. The analysis of money is put into an historical context, suggesting that the current financial turbulence and debt crisis are evidence that we live in the age of post-credit capitalism. By bridging the fields of economics and contemporary philosophy, Bjerg's work engages in a compelling form of intellectual arbitrage.

What is Neoclassical Economics?

Jamie Morgan
What is Neoclassical Economics Book PDF

Author : Jamie Morgan
Publisher : Routledge
Page : 337 pages
File Size : 52,8 Mb
Release : 2015-11-19
Category : Business & Economics
ISBN : 9781317334521

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What is Neoclassical Economics? by Jamie Morgan Pdf

Despite some diversification modern economics still attracts a great deal of criticism. This is largely due to highly unrealistic assumptions underpinning economic theory, explanatory failure, poor policy framing, and a dubious focus on prediction. Many argue that flaws continue to owe much of their shortcomings to neoclassical economics. As a result, what we mean by neoclassical economics remains a significant issue. This collection addresses the issue from a new perspective, taking as its point of departure Tony Lawson’s essay ‘What is this ‘school’ called neoclassical economics?’. Few terms are as controversial for pluralist and heterodox economists as neoclassical economics. This controversy has many aspects because the term itself has different specifications and connotations. Within this multiplicity what we mean by neoclassical matters to pluralist and heterodox economists for two primary reasons. First, because it informs how we view and critique the mainstream; second, because the relationship between heterodox and mainstream economics influences how heterodox economists model, apply methods and construct theory. The chapters in this collection each have different things to say about these matters, with contributions ranging across the work of key thinkers, such as Thorstein Veblen and Kenneth Arrow, applied issues of non-linear modelling of dynamic systems, and key events in the history of economics. This book will be of use to those interested in methodology, political economy, heterodoxy, and the history of economic thought.

Macroeconomics

Merton H. Miller,Charles W. Upton
Macroeconomics Book PDF

Author : Merton H. Miller,Charles W. Upton
Publisher : University of Chicago Press
Page : 385 pages
File Size : 49,5 Mb
Release : 1986-10-15
Category : Business & Economics
ISBN : 9780226526232

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Macroeconomics by Merton H. Miller,Charles W. Upton Pdf

"Miller and Upton is by far the most cited macroeconomics text in front line academic research journals over the last ten years. It has become a contemporary classic."—Roger C. Kormendi, University of Michigan "The most innovative approach to introducing macroeconomics that I have seen. . . . A 'classic' in the sense that every serious student of macroeconomics is likely to want it in his or her library."—John P. Gould, University of Chicago "The task the authors set out to perform is ambitious: to write a macroeconomics textbook structured around a neoclassical growth model. And in this task they have succeeded."—Clifford W. Smith, Jr., Journal of Finance "This is a superb book. As a vehicle for teaching economics I have to place it right behind Henderson and Quant (Microeconomics) and Dorfman, Samuelson, and Solow (Linear Programming). Moreover, it is an exciting book both to read and to think about. . . . It is not just that these authors have something to say, but their way of saying it is generally superior."—F. E. Banks, Kyklos