Rational Asset Prices
- 名称：Rational Asset Prices
- 类型：成本分析
- 授权方式：免费版
- 更新时间：01-01
- 下载次数：850次
- 语言简体中文
- 大小：992 KB
- 推荐度：4 星级
《Rational Asset Prices》简介
标签：成本分析报告,成本效益分析,成本收益分析,
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Acentralthemeinfinanceandeconomicsisthepursuitofaunifiedtheory
oftherateofreturnacrossdifferentclassesoffinancialassets.Inparticular
weareinterestedinthemeancovariabilityandpredictabilityofthereturn
offinancialassets.Atthemacrolevelwestudytheshort-termrisk-free
ratethetermpremiumoflong-termbondsovertherisk-freerateandthe
aggregateequitypremiumofthestockmarketovertherisk-freerate.At
themicrolevelwestudythepremiumofindividualstockreturnsandof
classesofstockssuchasthesmall-capitalizationversuslarge-capitalization
stocksthe“value”versus“growth”stocksandthepastlosingversuswinning
stocks.
Theneoclassicalrationaleconomicmodelisaunifiedmodelthatviews
thesepremiaastherewardtorisk-averseinvestorsthatprocessinformation
rationallyandhaveunambiguouslydefinedpreferencesoverconsumptionthat
typically~butnotnecessarily!belongtothevonNeumann–Morgensternclass.
Naturallythetheoryallowsformarketincompletenessmarketimperfections
informationalasymmetriesandlearning.Thetheoryalsoallowsfor
differencesamongassetsforliquiditytransactioncoststaxstatusandother
institutionalfactors.
Thecauseofmuchanxietyoverthelastquarterofacenturyisevidence
interpretedasfailureoftherationaleconomicparadigmtoexplaintheprice
levelandtherateofreturnoffinancialassetsbothatthemacroandmicro......
，大小：992 KB
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