Intermediate Financial Theory, Fourth Edition provides an updated and thorough explanation of basic financial concepts, in a manner accessible both to those new to the subject and to those without a deep background in advanced mathematics. It is ideal for students with a background in Economics who are looking for an accessible yet rigorous introduction to financial theory beyond basic MBA-level textbooks. While not as dense as highly technical Ph.D. presentations tend to be, this valuable text seeks rather to integrate academic expertise with real-world experience from leading experts in the…mehr
Intermediate Financial Theory, Fourth Edition provides an updated and thorough explanation of basic financial concepts, in a manner accessible both to those new to the subject and to those without a deep background in advanced mathematics. It is ideal for students with a background in Economics who are looking for an accessible yet rigorous introduction to financial theory beyond basic MBA-level textbooks. While not as dense as highly technical Ph.D. presentations tend to be, this valuable text seeks rather to integrate academic expertise with real-world experience from leading experts in the field. The fourth edition has been fully updated and is supplemented by extensive online resources.
Jean-Pierre Danthine is Honorary Director of the Enterprise for Society Center (E4S), a center affiliated to UNIL-HEC, IMD and EPFL, of which he was Managing Director from its foundation in December 2019 until 30 April 2023. He is a Distinguished Research scholar at IMD and an honorary professor at the University of Lausanne and the EPFL (Ecole Polytechnique de Lausanne). From 2015 to 2021 he was President of the Paris School of Economics. From 2010 to 2015 he was a member of the Governing Board of the Swiss National Bank, of which he was Vice-Chairman from 2012. He was Managing Director of the Swiss Finance Institute from its foundation in 2006 until the end of 2009. Professor Danthine previously taught at Columbia University and held visiting appointments at CUNY Graduate Center, University of Southern California (Los Angeles), Université d'Aix-Marseille, Université Laval (Québec), as well as Universities of Toulon and Dijon. His publications have appeared in Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Journal of Finance and other leading international journals.
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Part One: Introduction 1. On the Role of Financial Markets and Institutions Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 2. Finance in the 21st Century: Crisis and Sustainability Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 3. The Challenges of Asset Pricing: A Road Map Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part Two: The Demand for Financial Assets 4. Making Choices in Risky Situations Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 5. Measuring Risk and Risk Aversion Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 6. Risk Aversion and Investment Decisions, Part I: Subtitle? Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 7. Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 8. Risk Aversion and Investment Decisions, Part III: Challenges to Implementation Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 3: Equilibrium Pricing 9. The Capital Asset Pricing Model Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 10. Arrow-Debreu Pricing, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 11. The Consumption Asset Pricing Model, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 12. The Consumption Asset Pricing Model, Part II. Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 4: Arbitrage Pricing 13. Arrow-Debreu Pricing, Part II Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 14. The Martingale Measure, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 15. The Martingale Measure, Part II Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 16. The Arbitrage Pricing Theory Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 5: Topics 17. Safe Asset Shortage Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 18. Portfolio Management in the Long Run Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 19. Discounting, the Dice Model as a CAPM Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 20. Sustainable Finance Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 21. Selected Topics in Corporate Finance Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 22. Financial Equilibrium with Di_erential Information Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Web Chapters include: Web chapter 1 supplements to Chapter 1: The Solow Growth Model Web chapter 2 supplements to Chapter 2: The European Financial Crisis Web chapter 4 supplements to Chapter 4: Advanced Topics on Preferences Web chapter 5 supplements to Chapter 5: Excessive Risk Taking and Under Risk Taking and Rabin’s argument Web chapter 7 supplements to Chapter 7: More on the Demand for Assets and Ambiguity Web chapter 8 supplements to Chapter 8: On Mean Reversion Web chapter 11 supplements to Chapter 11: Proof of Theorem 11.2, Corollary 11.1, and More on Aggregation Web chapter 12 supplements to Chapter 12: Complements on Bayesian Updating Web chapter 13 supplements to Chapter 13: Option Theory: A Refresher Web chapter 15 supplements to Chapter 15: An Intuitive Overview of Continuous Time Finance Web chapter 16 supplements to Chapter 16: Total Factor Productivity Risk Web chapter 17 supplements to Chapter 17: CCAPM and Bond Holding Web chapter 18 supplements to Chapter 18: More on Variations on the Risk-Free Rate Web chapter 19 supplements to Chapter 19: More on Weitzman and DICE Web chapter 21 supplements to Chapter 21: Zero Net Present Value Investment
PART I : INTRODUCTION Chapter 1: On the Role of Financial Markets and Institutions Chapter 2: The Challenges of Asset Pricing: A Roadmap PART II: THE DEMAND FOR FINANCIAL ASSETS Chapter 3: Making Choices in Risky Situations Chapter 4: Measuring Risk and Risk Aversion Chapter 5: Risk Aversion and Investment Decisions, Part I Chapter 6: Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory PART III: EQUILIBRIUM PRICING Chapter 7: The Capital Asset Pricing Model: Another View about Risk Chapter 8: Arrow-Debreu Pricing I Chapter 9: The Consumption Capital Asset Pricing Model (CCAPM) PART IV: ARBITRAGE PRICING Chapter 10: Arrow-Debreu Pricing II: the Arbitrage Perspective Chapter 11: The Martingale Measure : Part I Chapter 12: The Martingale Measure : Part II Chapter 13: The Arbitrage Pricing Theory (APT) PART V: EXTENSIONS Chapter 14: Portfolio Management in the long run Chapter 15: Financial Structure and Firm Valuation in Incomplete Markets Chapter 16: Financial Equilibrium with Differential Information EXERCISES
Part One: Introduction 1. On the Role of Financial Markets and Institutions Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 2. Finance in the 21st Century: Crisis and Sustainability Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 3. The Challenges of Asset Pricing: A Road Map Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part Two: The Demand for Financial Assets 4. Making Choices in Risky Situations Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 5. Measuring Risk and Risk Aversion Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 6. Risk Aversion and Investment Decisions, Part I: Subtitle? Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 7. Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 8. Risk Aversion and Investment Decisions, Part III: Challenges to Implementation Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 3: Equilibrium Pricing 9. The Capital Asset Pricing Model Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 10. Arrow-Debreu Pricing, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 11. The Consumption Asset Pricing Model, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 12. The Consumption Asset Pricing Model, Part II. Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 4: Arbitrage Pricing 13. Arrow-Debreu Pricing, Part II Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 14. The Martingale Measure, Part I Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 15. The Martingale Measure, Part II Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 16. The Arbitrage Pricing Theory Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Part 5: Topics 17. Safe Asset Shortage Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 18. Portfolio Management in the Long Run Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 19. Discounting, the Dice Model as a CAPM Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 20. Sustainable Finance Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 21. Selected Topics in Corporate Finance Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine 22. Financial Equilibrium with Di_erential Information Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine Web Chapters include: Web chapter 1 supplements to Chapter 1: The Solow Growth Model Web chapter 2 supplements to Chapter 2: The European Financial Crisis Web chapter 4 supplements to Chapter 4: Advanced Topics on Preferences Web chapter 5 supplements to Chapter 5: Excessive Risk Taking and Under Risk Taking and Rabin’s argument Web chapter 7 supplements to Chapter 7: More on the Demand for Assets and Ambiguity Web chapter 8 supplements to Chapter 8: On Mean Reversion Web chapter 11 supplements to Chapter 11: Proof of Theorem 11.2, Corollary 11.1, and More on Aggregation Web chapter 12 supplements to Chapter 12: Complements on Bayesian Updating Web chapter 13 supplements to Chapter 13: Option Theory: A Refresher Web chapter 15 supplements to Chapter 15: An Intuitive Overview of Continuous Time Finance Web chapter 16 supplements to Chapter 16: Total Factor Productivity Risk Web chapter 17 supplements to Chapter 17: CCAPM and Bond Holding Web chapter 18 supplements to Chapter 18: More on Variations on the Risk-Free Rate Web chapter 19 supplements to Chapter 19: More on Weitzman and DICE Web chapter 21 supplements to Chapter 21: Zero Net Present Value Investment
PART I : INTRODUCTION Chapter 1: On the Role of Financial Markets and Institutions Chapter 2: The Challenges of Asset Pricing: A Roadmap PART II: THE DEMAND FOR FINANCIAL ASSETS Chapter 3: Making Choices in Risky Situations Chapter 4: Measuring Risk and Risk Aversion Chapter 5: Risk Aversion and Investment Decisions, Part I Chapter 6: Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory PART III: EQUILIBRIUM PRICING Chapter 7: The Capital Asset Pricing Model: Another View about Risk Chapter 8: Arrow-Debreu Pricing I Chapter 9: The Consumption Capital Asset Pricing Model (CCAPM) PART IV: ARBITRAGE PRICING Chapter 10: Arrow-Debreu Pricing II: the Arbitrage Perspective Chapter 11: The Martingale Measure : Part I Chapter 12: The Martingale Measure : Part II Chapter 13: The Arbitrage Pricing Theory (APT) PART V: EXTENSIONS Chapter 14: Portfolio Management in the long run Chapter 15: Financial Structure and Firm Valuation in Incomplete Markets Chapter 16: Financial Equilibrium with Differential Information EXERCISES
Rezensionen
"This is an excellent book that introduces financial asset pricing theory as a natural extension of microeconomic and general equilibrium theory. The exposition of classic and recent results is clear, thorough and accessible to any economist or graduate student who has a good grounding in microeconomic theory. Having mastered this material the reader is well equipped to tackle the many variations of asset pricing models in the literature." --Frank Milne, Queen's University, Professor of Economics and Finance
"This book is ideally suited to students wishing to gain a deeper understanding of the basic concepts of financial economics beyond those presented in a typical MBA program without having to deal with unnecessary mathematical details. The exposition is superb and enriching of intuition. The book, written by two of the professions leading experts, is unique." --Rajnish Mehra, Professor of Finance, University of California, Santa Barbara
"This unique textbook presents classic models and new results in finance, skillfully couched within the more general framework of economic decision-making under uncertainty. Throughout, Danthine and Donaldson carefully balance the need for both intuition and technical detail." --Peter Ireland, Boston College
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