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019 _a(OCoLC)999371644
020 _a9780691090290
_qprint
020 _a9781400850662
_qPDF
024 7 _a10.1515/9781400850662
_2doi
035 _a(DE-B1597)9781400850662
035 _a(DE-B1597)447636
035 _a(OCoLC)922667214
040 _aDE-B1597
_beng
_cDE-B1597
_erda
050 4 _aHG4636 .B67 2013
072 7 _aBUS027000
_2bisacsh
082 0 4 _a332.6
084 _aonline - DeGruyter
100 1 _aBossaerts, Peter
_eautore
245 1 4 _aThe Paradox of Asset Pricing /
_cPeter Bossaerts.
250 _aCourse Book
264 1 _aPrinceton, NJ :
_bPrinceton University Press,
_c[2013]
264 4 _c©2002
300 _a1 online resource (192 p.) :
_b23 line illus. 8 tables.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 0 _aFrontiers of Economic Research
505 0 0 _tFrontmatter --
_tCONTENTS --
_tPREFACE --
_t1. Principles of Asset-Pricing Theory --
_t2. Empirical Methodology --
_t3. The Empirical Evidence in a Nutshell --
_t4. The Experimental Evidence --
_t5 .From EMH to Merely Efficient Learning --
_t6. Revisiting the Historical Record --
_tReferences --
_tIndex
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aAsset 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.
530 _aIssued also in print.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)
650 7 _aBUSINESS & ECONOMICS / Finance / General.
_2bisacsh
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.1515/9781400850662
856 4 0 _uhttps://www.degruyter.com/isbn/9781400850662
856 4 2 _3Cover
_uhttps://www.degruyter.com/cover/covers/9781400850662.jpg
942 _cEB
999 _c207113
_d207113