Intermediate financial theory
Targeting readers with backgrounds in economics, Intermediate Financial Theory, Third Edition includes new material on the asset pricing implications of behavioral finance perspectives, recent developments in portfolio choice, derivatives-risk neutral pricing research, and implications of the 2008 f...
| Otros Autores: | , |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Oxford, [England] :
Academic Press
2015.
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| Edición: | Third edition |
| Colección: | Academic Press advanced finance series.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009628353706719 |
Tabla de Contenidos:
- Front Cover; Intermediate Financial Theory; Copyright Page; Contents; Preface; Dedication; I. Introduction; 1 On the Role of Financial Markets and Institutions; 1.1 Finance: The Time Dimension; 1.2 Desynchronization: The Risk Dimension; 1.3 The Screening and Monitoring Functions of the Financial System; 1.4 The Financial System and Economic Growth; 1.5 Financial Markets and Social Welfare; 1.6 Financial Intermediation and the Business Cycle; 1.7 Financial Crises; 1.8 Conclusion; References; Complementary Readings; Appendix: Introduction to General Equilibrium Theory
- Pareto Optimal AllocationsCompetitive Equilibrium; 2 The Challenges of Asset Pricing: A Road Map; 2.1 The Main Question of Financial Theory; 2.2 Discounting Risky Cash Flows: Various Lines of Attack; 2.3 Two Main Perspectives: Equilibrium versus Arbitrage; 2.4 Decomposing Risk Premia; 2.5 Models and Stylized Facts; 2.5.1 The Equity Premium; 2.5.2 The Value Premium; 2.5.3 The Term Structure; 2.6 Asset Pricing Is Not All of Finance!; 2.6.1 Corporate Finance; 2.6.2 Capital Structure; 2.6.3 Taxes and Capital Structure; 2.6.4 Capital Structure and Agency Costs
- 2.6.5 The Pecking Order Theory of Investment Financing2.7 Banks; 2.8 Conclusions; References; II. The Demand for Financial Assets; 3 Making Choices in Risky Situations; 3.1 Introduction; 3.2 Choosing Among Risky Prospects: Preliminaries; 3.3 A Prerequisite: Choice Theory Under Certainty; 3.4 Choice Theory Under Uncertainty: An Introduction; 3.5 The Expected Utility Theorem; 3.6 How Restrictive Is Expected Utility Theory? The Allais Paradox; 3.7 Behavioral Finance; 3.7.1 Framing; 3.7.2 Prospect Theory; 3.7.2.1 Preference Orderings with Connections to Prospect Theory; 3.7.3 Overconfidence
- 3.8 ConclusionsReferences; 4 Measuring Risk and Risk Aversion; 4.1 Introduction; 4.2 Measuring Risk Aversion; 4.3 Interpreting the Measures of Risk Aversion; 4.3.1 Absolute Risk Aversion and the Odds of a Bet; 4.3.2 Relative Risk Aversion in Relation to the Odds of a Bet; 4.3.3 Risk Neutral Investors; 4.4 Risk Premium and Certainty Equivalence; 4.5 Assessing the Degree of Relative Risk Aversion; 4.6 The Concept of Stochastic Dominance; 4.7 Mean Preserving Spreads; 4.8 An Unsettling Observation About Expected Utility; 4.9 Applications: Leverage and Risk; 4.9.1 An Example
- 4.9.2 Is Leverage a Good Thing?4.9.3 An Application to Executive Compensation; 4.10 Conclusions; References; Appendix: Proof of Theorem 4.2; 5 Risk Aversion and Investment Decisions, Part 1; 5.1 Introduction; 5.2 Risk Aversion and Portfolio Allocation: Risk-Free Versus Risky Assets; 5.2.1 The Canonical Portfolio Problem; 5.2.2 Illustration and Examples; 5.3 Portfolio Composition, Risk Aversion, and Wealth; 5.4 Special Case of Risk-Neutral Investors; 5.5 Risk Aversion and Risky Portfolio Composition; 5.6 Risk Aversion and Savings Behavior; 5.6.1 Savings and the Riskiness of Returns
- 5.6.2 Illustrating Prudence
