The Paradox of Asset Pricing / / Peter Bossaerts.
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. To what extent, however, can these models predict what actually happens in financial markets? In The Pa...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2013] ©2002 |
Year of Publication: | 2013 |
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Language: | English |
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Bossaerts, Peter, author. aut http://id.loc.gov/vocabulary/relators/aut The Paradox of Asset Pricing / Peter Bossaerts. Course Book Princeton, NJ : Princeton University Press, [2013] ©2002 1 online resource (192 p.) : 23 line illus. 8 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontiers of Economic Research Frontmatter -- CONTENTS -- PREFACE -- 1. Principles of Asset-Pricing Theory -- 2. Empirical Methodology -- 3. The Empirical Evidence in a Nutshell -- 4. The Experimental Evidence -- 5 .From EMH to Merely Efficient Learning -- 6. Revisiting the Historical Record -- References -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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. To what extent, however, can these models predict what actually happens in financial markets? In The Paradox of Asset Pricing, a leading financial researcher argues forcefully that the empirical record is weak at best. Peter Bossaerts undertakes the most thorough, technically sound investigation in many years into the scientific character of the pricing of financial assets. He probes this conundrum by modeling a decidedly volatile phenomenon that, he says, the world of finance has forgotten in its enthusiasm for the efficient markets hypothesis--speculation. 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. This book provided the foundation for subsequent journal articles that won two prestigious awards: the 2003 Journal of Financial Markets Best Paper Award and the 2004 Goldman Sachs Asset Management Best Research Paper for the Review of Finance. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) BUSINESS & ECONOMICS / Finance / General. bisacsh Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691090290 https://doi.org/10.1515/9781400850662 https://www.degruyter.com/isbn/9781400850662 Cover https://www.degruyter.com/cover/covers/9781400850662.jpg |
language |
English |
format |
eBook |
author |
Bossaerts, Peter, Bossaerts, Peter, |
spellingShingle |
Bossaerts, Peter, Bossaerts, Peter, The Paradox of Asset Pricing / Frontiers of Economic Research Frontmatter -- CONTENTS -- PREFACE -- 1. Principles of Asset-Pricing Theory -- 2. Empirical Methodology -- 3. The Empirical Evidence in a Nutshell -- 4. The Experimental Evidence -- 5 .From EMH to Merely Efficient Learning -- 6. Revisiting the Historical Record -- References -- Index |
author_facet |
Bossaerts, Peter, Bossaerts, Peter, |
author_variant |
p b pb p b pb |
author_role |
VerfasserIn VerfasserIn |
author_sort |
Bossaerts, Peter, |
title |
The Paradox of Asset Pricing / |
title_full |
The Paradox of Asset Pricing / Peter Bossaerts. |
title_fullStr |
The Paradox of Asset Pricing / Peter Bossaerts. |
title_full_unstemmed |
The Paradox of Asset Pricing / Peter Bossaerts. |
title_auth |
The Paradox of Asset Pricing / |
title_alt |
Frontmatter -- CONTENTS -- PREFACE -- 1. Principles of Asset-Pricing Theory -- 2. Empirical Methodology -- 3. The Empirical Evidence in a Nutshell -- 4. The Experimental Evidence -- 5 .From EMH to Merely Efficient Learning -- 6. Revisiting the Historical Record -- References -- Index |
title_new |
The Paradox of Asset Pricing / |
title_sort |
the paradox of asset pricing / |
series |
Frontiers of Economic Research |
series2 |
Frontiers of Economic Research |
publisher |
Princeton University Press, |
publishDate |
2013 |
physical |
1 online resource (192 p.) : 23 line illus. 8 tables. Issued also in print. |
edition |
Course Book |
contents |
Frontmatter -- CONTENTS -- PREFACE -- 1. Principles of Asset-Pricing Theory -- 2. Empirical Methodology -- 3. The Empirical Evidence in a Nutshell -- 4. The Experimental Evidence -- 5 .From EMH to Merely Efficient Learning -- 6. Revisiting the Historical Record -- References -- Index |
isbn |
9781400850662 9783110442502 9780691090290 |
callnumber-first |
H - Social Science |
callnumber-subject |
HG - Finance |
callnumber-label |
HG4636 |
callnumber-sort |
HG 44636 B67 42013 |
url |
https://doi.org/10.1515/9781400850662 https://www.degruyter.com/isbn/9781400850662 https://www.degruyter.com/cover/covers/9781400850662.jpg |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
332 - Financial economics |
dewey-full |
332.6 |
dewey-sort |
3332.6 |
dewey-raw |
332.6 |
dewey-search |
332.6 |
doi_str_mv |
10.1515/9781400850662 |
oclc_num |
922667214 |
work_keys_str_mv |
AT bossaertspeter theparadoxofassetpricing AT bossaertspeter paradoxofassetpricing |
status_str |
n |
ids_txt_mv |
(DE-B1597)447636 (OCoLC)922667214 |
carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
is_hierarchy_title |
The Paradox of Asset Pricing / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
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1806143582744084480 |
fullrecord |
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