Title
General Theory of Portfolio Efficiency: without and with Market Frictions,Used
Delivery time: 8-12 business days (International)
The meanvariance analysis produces optimal portfolio choices for individual investors taking asset prices and payoff distributions as given and forms the foundation for the Capital Asset Pricing Model (CAPM). However, the strong assumptions under which it holds reduce its validity to some particular cases. In this work, we illustrate an alternative approach, called distributional analysis, to determinate and evaluate portfolio efficiency that holds in general because it considers the entire cumulative probability distribution function of returns. It is based on the price characterization of efficiency that arises from embedding the portfolio problem into the standard concave programming one. In addition, it generates the Payoff Distribution Pricing Model (PDPM) that allows to analyze the market equilibrium without suffering from the limitations that affect the CAPM. We give also an empirical application of this theory.
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Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
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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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.