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Financial Asset Pricing Theory
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Financial Asset Pricing Theory

Claus Munk

Abstract

“Financial Asset Pricing Theory” offers a comprehensive overview of the classic and the current research in theoretical asset pricing. Asset pricing is developed around the concept of a state-price deflator which relates the price of any asset to its future (risky) dividends and thus incorporates how to adjust for both time and risk in asset valuation. The willingness of any utility-maximizing investor to shift consumption over time defines a state-price deflator which provides a link between optimal consumption and asset prices that leads to the Consumption-based Capital Asset Pricing Model ( ... More

Keywords: financial economics, asset pricing, theory, textbook, current research, formal mathematical modelling, economic understanding, discrete-time and continuous-time models

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780199585496
Published to Oxford Scholarship Online: May 2013 DOI:10.1093/acprof:oso/9780199585496.001.0001

Authors

Affiliations are at time of print publication.

Claus Munk, author
Professor of Finance, Aarhus University

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