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"Asset pricing theory abounds with elegant mathematical models. The logic is so compelling that the models are widely used in policy, from banking, investments, and corporate finance to government. In The Paradox of Asset Pricing, a leading financial researcher argues that the empirical record is weak at best.".
"Bossaerts writes that the existing empirical evidence may be tainted by the assumptions needed to make sense of historical field data or by reanalysis of the same data. To address the first problem, he demonstrates that one central assumption - that markets are efficient processors of information, that risk is a knowable quantity, and so on - can be relaxed substantially while retaining core elements of the existing methodology. The new approach brings novel insights to old data.
As for the second problem, he proposes that asset pricing theory be studied through experiments in which subjects trade purposely designed assets for real money. This book will be welcomed by finance scholars and all those math- and statistics-minded readers interested in knowing whether there is science beyond the mathematics of finance."--BOOK JACKET.
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Previews available in: English
Subjects
Efficient market theory, Efficiëntie, Portfolio-theorie, Kursbildung, Prijstheorie, Capital assets pricing model, Securities, Capital-Asset-Pricing-Modell, Kapitalmarkteffizienz, Dynamische programmering, Valeurs mobilières, Marché efficient, Hypothèse du, Aktienkurs, Stochastische programmering, Modèle de fixation du prix des actifs, Finance, mathematical modelsShowing 2 featured editions. View all 2 editions?
Edition | Availability |
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1
The Paradox of Asset Pricing (Frontiers of Economic Research)
December 28, 2004, Princeton University Press
Paperback
in English
0691123136 9780691123134
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2
The Paradox of Asset Pricing (Frontiers of Economic Research)
January 21, 2002, Princeton University Press
Hardcover
in English
0691090297 9780691090290
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