Title
Asset Pricing: Revised Edition,Used
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Winner of the prestigious Paul A. Samuelson Award for scholarly writing on lifelong financial security, John Cochrane's Asset Pricing now appears in a revised edition that unifies and brings the science of asset pricing up to date for advanced students and professionals. Cochrane traces the pricing of all assets back to a single ideaprice equals expected discounted payoffthat captures the macroeconomic risks underlying each security's value. By using a single, stochastic discount factor rather than a separate set of tricks for each asset class, Cochrane builds a unified account of modern asset pricing. He presents applications to stocks, bonds, and options. Each modelconsumption based, CAPM, multifactor, term structure, and option pricingis derived as a different specification of the discounted factor.The discount factor framework also leads to a statespace geometry for meanvariance frontiers and asset pricing models. It puts payoffs in different states of nature on the axes rather than mean and variance of return, leading to a new and conveniently linear geometrical representation of asset pricing ideas.Cochrane approaches empirical work with the Generalized Method of Moments, which studies sample average prices and discounted payoffs to determine whether price does equal expected discounted payoff. He translates between the discount factor, GMM, and statespace language and the beta, meanvariance, and regression language common in empirical work and earlier theory.The book also includes a review of recent empirical work on return predictability, value and other puzzles in the cross section, and equity premium puzzles and their resolution. Written to be a summary for academics and professionals as well as a textbook, this book condenses and advances recent scholarship in financial economics.
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This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Frequently Asked Questions
- Q: What is the main focus of 'Asset Pricing: Revised Edition'? A: The main focus of 'Asset Pricing: Revised Edition' is to unify the science of asset pricing by tracing the pricing of all assets back to a single idea: price equals expected discounted payoff. The book provides a comprehensive framework for understanding the macro-economic risks underlying each security's value.
- Q: Who is the author of this book? A: 'Asset Pricing: Revised Edition' is authored by John H. Cochrane, who is recognized for his contributions to financial economics and has received the Paul A. Samuelson Award for scholarly writing.
- Q: What topics are covered in this book? A: The book covers various topics including consumption-based models, CAPM, multifactor models, term structure, option pricing, and empirical work on return predictability and equity premium puzzles.
- Q: What is the binding type of this edition? A: This edition of 'Asset Pricing' is bound as a hardcover, providing durability and a professional appearance for collectors and scholars.
- Q: How many pages does the book have? A: 'Asset Pricing: Revised Edition' contains a total of 568 pages, offering an in-depth exploration of asset pricing theories and applications.
- Q: When was 'Asset Pricing: Revised Edition' published? A: 'Asset Pricing: Revised Edition' was published on January 23, 2005.
- Q: Is this book suitable for beginners in finance? A: While 'Asset Pricing: Revised Edition' is designed for advanced students and professionals, it can also serve as a valuable resource for beginners who are willing to engage with complex financial concepts.
- Q: What kind of empirical methods does the book discuss? A: The book discusses the Generalized Method of Moments (GMM) and its application in studying sample average prices and discounted payoffs to validate the core pricing theory.
- Q: Does the book provide practical applications of asset pricing theories? A: Yes, the book presents practical applications of asset pricing theories to various asset classes, including stocks, bonds, and options, making the concepts more relatable.
- Q: Can this book be used as a textbook in academic settings? A: Yes, 'Asset Pricing: Revised Edition' is written to serve as both a summary for professionals and a textbook for academics, making it suitable for use in university courses.