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Asset Prices, Booms and Recessions: Financial Economics from a Dynamic Perspective

The financial market melt-down of the years 2007-2009 has posed great challenges for studies on financial economics. This financial economics text focuses on the dynamic interaction of financial markets and economic activity. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market; economic activity includes the actions and interactions of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market, and how asset prices and financial market volatility and crises impact economic activity. The book offers extensive coverage of new and advanced topics in financial economics such as the term structure of interest rates, credit derivatives and credit risk, domestic and international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models, and dynamic portfolio decisions. Moreover a completely new section of the book is dedicated to the recent financial market meltdown of the years 2007-2009. Emphasis is placed on empirical evidence relating to episodes of financial instability and financial crises in the U.S. and in Latin American, Asian and Euro-area countries. Overall, the book explains what researchers and practitioners in the financial sector need to know about the financial-real interaction, and what practitioners and policy makers need to know about the financial market.

Asset Prices, Booms and Recessions: Financial Economics from a Dynamic Perspective

"Asset Prices, Booms and Recessions" is a book on Financial Economics from a dynamic perspective. It focuses on the dynamic interaction of financial markets and economic activity. The financial markets to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market and how asset prices and financial market volatility feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The current version of the book has moved to a more extensive coverage of the topics in financial economics by updating the literature in the appropriate chapters. Moreover it gives a more extensive treatment of new and more advanced topics in financial economics such as international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models and dynamic portfolio decisions. Overall, the book presents material that researchers and practitioners in financial engineering need to know about economic dynamics and that economists, practitioners and policy makers need to know about the financial market.

Asset Pricing: Finanzderivate und ihre Systemrisiken

Dieses Buch widmet sich nicht nur den sogenannten Finanzderivaten, sondern auch den mit ihnen einhergehenden Systemrisiken, die sich im Rahmen der Finanzkrise sehr deutlich manifestiert haben. Nach einer kurzen Einführung in Kapitel 1 werden als Grundlage in Kapitel 2 zunächst Zinssätze und Anleihen behandelt. Obwohl letztere keine derivativen Finanzinstrumente darstellen, werden sie häufig als Basisinstrumente eingesetzt und sollen deshalb gleich zu Beginn betrachtet werden. Außerdem wird den Negativzinsen als Novum in der internationalen Geldpolitik besondere Beachtung geschenkt. Kapitel 3 widmet sich dann dem Thema Futures und Forwards, Kapitel 4 den Swaps, Kapitel 5 den Grundlagen der Optionen, Kapitel 6 den Modellen der Optionsbepreisung und schließlich in Kapitel 7 und 8 zum einen bisherige Finanzmodelle kritisch analysiert und zum anderen ausgewählte problematische Entwicklungen auf den Finanzmärkten betrachtet.

Asset Pricing: Finanzderivate und ihre Systemrisiken

Dieses Buch widmet sich nicht nur den sogenannten Finanzderivaten, sondern auch den mit diesen einhergehenden Systemrisiken, die sich im Rahmen der Finanzkrise sehr deutlich manifestiert haben. Nach einer kurzen Einführung in Kapitel 1 werden in Kapitel 2 die Funktionen und Dysfunktionen der Finanzmärkte erläutert, sodass der Leser oder die Leserin ein generelles Verständnis bezüglich der Aufgaben der Finanzmärkte in der Organisation unserer Ökonomie erhält. In Kapitel 3 werden dann als Grundlage für derivative Produkte Zinssätze und Anleihen behandelt. Obwohl letztere keine derivativen Finanzinstrumente darstellen, werden sie häufig als Basisinstrumente eingesetzt und sollen deshalb gleich zu Beginn betrachtet werden. Danach werden Schritt für Schritt die unterschiedlichen derivativen Finanzprodukte eingeführt. Kapitel 4 widmet sich dem Thema Futures und Forwards, Kapitel 5 den Swaps, Kapitel 6 den Grundlagen der Optionen und Realoptionen sowie den Modellen der Optionsbepreisung. Neben der formellen Herleitung werden auch immer intuitive Vergleiche gezogen, sodass der Leser aus unterschiedlichen Perspektiven ein Verständnis für derivative Finanzprodukte erlangen kann. Zudem werden Abbildungen und anschauliche Beispiele das Verständnis fördern. In Kapitel 7 werden abschließend in einem breiteren Kontext gewisse Modelle und Konzepte, wie Wachstum, diskutiert und gegebenenfalls ihre Verbindung mit Derivaten beleuchtet. In den Kapiteln zu den einzelnen derivativen Instrumenten werden jeweils zu Beginn die Grundlagen und Definitionen geklärt. Im Anschluss daran werden die Funktionsweisen, wie der Einsatz beim Hedging, und die Bewertungsmöglichkeiten der jeweiligen Derivate aufgezeigt. Da jedoch für Studierende einer akademischen Asset Pricing-Vorlesung, die irgendwann in einem Finanzbetrieb oder einem Unternehmen einer anderen Branche, bei einer Aufsichtsbehörde oder in einer NGO arbeiten werden, aber auch für alle anderen Interessierten - u.a. z.B. Journalisten und Politiker - nicht nur die technischen Aspekte relevant sind, enthält jedes dieser Kapitel zum Schluss konkrete Beispiele, anhand derer dem Leser auch die kritischen Aspekte des Einsatzes derivativer Finanzinstrumente dargelegt werden sollen. Die Kapitel schließen stets mit einigen Übungsaufgaben.

Asset Pricing: (Revised Edition) (PDF)

Winner of the prestigious Paul A. Samuelson Award for scholarly writing on lifelong financial security, John Cochrane's Asset Pricing now appears in a revised edition that unifies and brings the science of asset pricing up to date for advanced students and professionals. Cochrane traces the pricing of all assets back to a single idea--price equals expected discounted payoff--that captures the macro-economic risks underlying each security's value. By using a single, stochastic discount factor rather than a separate set of tricks for each asset class, Cochrane builds a unified account of modern asset pricing. He presents applications to stocks, bonds, and options. Each model--consumption based, CAPM, multifactor, term structure, and option pricing--is derived as a different specification of the discounted factor. The discount factor framework also leads to a state-space geometry for mean-variance frontiers and asset pricing models. It puts payoffs in different states of nature on the axes rather than mean and variance of return, leading to a new and conveniently linear geometrical representation of asset pricing ideas. Cochrane approaches empirical work with the Generalized Method of Moments, which studies sample average prices and discounted payoffs to determine whether price does equal expected discounted payoff. He translates between the discount factor, GMM, and state-space language and the beta, mean-variance, and regression language common in empirical work and earlier theory. The book also includes a review of recent empirical work on return predictability, value and other puzzles in the cross section, and equity premium puzzles and their resolution. Written to be a summary for academics and professionals as well as a textbook, this book condenses and advances recent scholarship in financial economics.

Asset Pricing: -Discrete Time Approach-

1. Main Goals The theory of asset pricing has grown markedly more sophisticated in the last two decades, with the application of powerful mathematical tools such as probability theory, stochastic processes and numerical analysis. The main goal of this book is to provide a systematic exposition, with practical appli­ cations, of the no-arbitrage theory for asset pricing in financial engineering in the framework of a discrete time approach. The book should also serve well as a textbook on financial asset pricing. It should be accessible to a broad audi­ ence, in particular to practitioners in financial and related industries, as well as to students in MBA or graduate/advanced undergraduate programs in finance, financial engineering, financial econometrics, or financial information science. The no-arbitrage asset pricing theory is based on the simple and well ac­ cepted principle that financial asset prices are instantly adjusted at each mo­ ment in time in order not to allow an arbitrage opportunity. Here an arbitrage opportunity is an opportunity to have a portfolio of value aat an initial time lead to a positive terminal value with probability 1 (equivalently, at no risk), with money neither added nor subtracted from the portfolio in rebalancing dur­ ing the investment period. It is necessary for a portfolio of valueato include a short-sell position as well as a long-buy position of some assets.

Asset Pricing: Modeling and Estimation (Springer Finance)

Covers applications to risky assets traded on the markets for funds, fixed-income products and electricity derivatives.Integrates the latest research and includes a new chapter on financial modeling.

Asset Pricing: Zur Bewertung von unsicheren Cashflows mit zeitvariablen Diskontraten

Michael Vorfeld zieht zur Bewertung von unsicheren Cashflows Bewertungsmodelle heran und unterzieht die wesentlichen Forschungserkenntnisse wie z.B. die Zeitvariabilität einer empirischen Überprüfung. Er identifiziert unter den analysierten statischen und dynamischen Modellen das Pricing-Modell, welches die Aktienrendite am ehesten zu erklären vermag.

Asset Pricing and Investment Styles in Digital Assets: A Comparison with Traditional Asset Classes (Advanced Studies in Diginomics and Digitalization)

This book analyzes the emerging asset class of digital assets. When a new asset class originates, researchers try to understand some basic questions: Can digital assets, with the flagship asset bitcoin, really be considered a serious asset class? Since it is possible to trade digital assets, does it make sense to trade or to invest in these assets? How do digital assets compare to traditional asset classes like equities or bonds? After describing basic financial theory and breaking down the digital asset universe, this book provides fundamental knowledge with respect to this young and rising asset class. It focuses on special issues like the application of technical indicators, investment styles, asset pricing and portfolio construction. Furthermore, it offers remarks and links to other traditional asset classes and describes and warns of data issues in digital asset data.

Asset Pricing and Portfolio Choice Theory (Financial Management Association Survey and Synthesis Series)

In the 2nd edition of Asset Pricing and Portfolio Choice Theory, Kerry E. Back offers a concise yet comprehensive introduction to and overview of asset pricing. Intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level with extensive exercises and a solutions manual available for professors, the book is also an essential reference for financial researchers and professionals, as it includes detailed proofs and calculations as section appendices. The first two parts of the book explain portfolio choice and asset pricing theory in single-period, discrete-time, and continuous-time models. For valuation, the focus throughout is on stochastic discount factors and their properties. A section on derivative securities covers the usual derivatives (options, forwards and futures, and term structure models) and also applications of perpetual options to corporate debt, real options, and optimal irreversible investment. A chapter on "explaining puzzles" and the last part of the book provide introductions to a number of additional current topics in asset pricing research, including rare disasters, long-run risks, external and internal habits, asymmetric and incomplete information, heterogeneous beliefs, and non-expected-utility preferences. Each chapter includes a "Notes and References" section providing additional pathways to the literature. Each chapter also includes extensive exercises.

Asset Pricing, Real Estate and Public Finance over the Crisis (Palgrave Macmillan Studies in Banking and Financial Institutions)

The current financial crisis started from the US real estate market and after, though the increase of risk premium requested by investors and due to the lack of liquidity of all financial markets, it became a world financial crisis. A detailed analysis during the crisis focuses attention on asset management, the real estate and public sector.

Asset Pricing Theory

Asset Pricing Theory is an advanced textbook for doctoral students and researchers that offers a modern introduction to the theoretical and methodological foundations of competitive asset pricing. Costis Skiadas develops in depth the fundamentals of arbitrage pricing, mean-variance analysis, equilibrium pricing, and optimal consumption/portfolio choice in discrete settings, but with emphasis on geometric and martingale methods that facilitate an effortless transition to the more advanced continuous-time theory. Among the book's many innovations are its use of recursive utility as the benchmark representation of dynamic preferences, and an associated theory of equilibrium pricing and optimal portfolio choice that goes beyond the existing literature. Asset Pricing Theory is complete with extensive exercises at the end of every chapter and comprehensive mathematical appendixes, making this book a self-contained resource for graduate students and academic researchers, as well as mathematically sophisticated practitioners seeking a deeper understanding of concepts and methods on which practical models are built. Covers in depth the modern theoretical foundations of competitive asset pricing and consumption/portfolio choice Uses recursive utility as the benchmark preference representation in dynamic settings Sets the foundations for advanced modeling using geometric arguments and martingale methodology Features self-contained mathematical appendixes Includes extensive end-of-chapter exercises

Asset Pricing Theory (PDF)

Asset Pricing Theory is an advanced textbook for doctoral students and researchers that offers a modern introduction to the theoretical and methodological foundations of competitive asset pricing. Costis Skiadas develops in depth the fundamentals of arbitrage pricing, mean-variance analysis, equilibrium pricing, and optimal consumption/portfolio choice in discrete settings, but with emphasis on geometric and martingale methods that facilitate an effortless transition to the more advanced continuous-time theory. Among the book's many innovations are its use of recursive utility as the benchmark representation of dynamic preferences, and an associated theory of equilibrium pricing and optimal portfolio choice that goes beyond the existing literature. Asset Pricing Theory is complete with extensive exercises at the end of every chapter and comprehensive mathematical appendixes, making this book a self-contained resource for graduate students and academic researchers, as well as mathematically sophisticated practitioners seeking a deeper understanding of concepts and methods on which practical models are built. Covers in depth the modern theoretical foundations of competitive asset pricing and consumption/portfolio choice Uses recursive utility as the benchmark preference representation in dynamic settings Sets the foundations for advanced modeling using geometric arguments and martingale methodology Features self-contained mathematical appendixes Includes extensive end-of-chapter exercises

Asset Protection and Security Management Handbook

The Asset Protection and Security Management Handbook is a must for all professionals involved in the protection of assets. For those new to the security profession, the text covers the fundamental aspects of security and security management providing a firm foundation for advanced development. For the experienced security practitioner, it provides

Asset Protection through Security Awareness

Supplying a high-level overview of how to protect your company's physical and intangible assets, Asset Protection through Security Awareness explains the best ways to enlist the assistance of your employees as the first line of defense in safeguarding company assets and mitigating security risks. The author reviews key topics surrounding computer s

Asset Protection through Security Awareness: Theory, Methods, And Applications (Systems Innovation Book Ser.)

Supplying a high-level overview of how to protect your company's physical and intangible assets, Asset Protection through Security Awareness explains the best ways to enlist the assistance of your employees as the first line of defense in safeguarding company assets and mitigating security risks. The author reviews key topics surrounding computer s

Asset Rotation: The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance

An all-weather, tactical approach to asset management utilizing Exchange Traded Funds (ETFs) In Asset Rotation, portfolio management pioneer Matthew P. Erickson demonstrates a time-tested approach to asset management that has worked throughout the history of capital markets, in good times and bad. Providing investors with strong participation in rising markets, but more importantly with a discipline to reduce participation in prolonged declines. Over time this revolutionary approach has yielded superior returns, with significantly reduced levels of risk; providing the engine for true, long-term sustainable growth. The investment world as we know it has changed, and the paradigm has shifted. What has worked in the past may no longer work in the future. No longer may bonds be regarded as a safe haven asset class, as for the first time in generations, investors in fixed income face losses as interest rates rise from historical all-time lows. For those adhering to a conventional Modern Portfolio Theory based investment approach to asset management, what was once regarded as safe and stable, may very well soon become our greatest impediment. Asset Rotation provides investors with a practical solution for today's real world problems. This tactical approach to asset management provides us with concrete proof that there is indeed a better way. We are standing on the precipice of an Investment Renaissance. What was previously impossible, is now possible. Find out how. Presents an easy-to-understand price momentum-based approach to investing Illustrates the benefits of asset rotation Offers a systematic approach for securing a sound financial future Provides further insights as to how to customize your own asset rotation portfolio Matthew Erickson gives investors a hands-on resource for how to navigate an increasingly difficult investment landscape, by providing them with keen insights into the most rapidly growing segment of the investment markets.

Asset Rotation: The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance

An all-weather, tactical approach to asset management utilizing Exchange Traded Funds (ETFs) In Asset Rotation, portfolio management pioneer Matthew P. Erickson demonstrates a time-tested approach to asset management that has worked throughout the history of capital markets, in good times and bad. Providing investors with strong participation in rising markets, but more importantly with a discipline to reduce participation in prolonged declines. Over time this revolutionary approach has yielded superior returns, with significantly reduced levels of risk; providing the engine for true, long-term sustainable growth. The investment world as we know it has changed, and the paradigm has shifted. What has worked in the past may no longer work in the future. No longer may bonds be regarded as a safe haven asset class, as for the first time in generations, investors in fixed income face losses as interest rates rise from historical all-time lows. For those adhering to a conventional Modern Portfolio Theory based investment approach to asset management, what was once regarded as safe and stable, may very well soon become our greatest impediment. Asset Rotation provides investors with a practical solution for today's real world problems. This tactical approach to asset management provides us with concrete proof that there is indeed a better way. We are standing on the precipice of an Investment Renaissance. What was previously impossible, is now possible. Find out how. Presents an easy-to-understand price momentum-based approach to investing Illustrates the benefits of asset rotation Offers a systematic approach for securing a sound financial future Provides further insights as to how to customize your own asset rotation portfolio Matthew Erickson gives investors a hands-on resource for how to navigate an increasingly difficult investment landscape, by providing them with keen insights into the most rapidly growing segment of the investment markets.

Asset Sales: Their Role in Restructuring and Financing Firms (SpringerBriefs in Finance)

In a new world characterized by more frequent and rich flows of information, with more efficient and plenty of available external capital, how will the – simultaneous – investment and divestment decisions be affected? This book thoroughly covers the main features and relevance of asset sales as an integral component of many companies’ growth strategies in the current and continually evolving corporate finance eco-system. After an introductory section on the relevance of asset sales in corporations (both non-financial and financial), it discusses the corporate asset market and the mechanisms of asset sale transactions. The focus then turns to the theory of finance in asset sales (the efficiency and financing theory) and the extensive empirical literature now available. In light of recent and rapid technological and digital advances, a concluding section presents new perspectives on analyzing asset sales transactions. Chiefly intended as a primer for PhD students and academics, the book offers roadmaps for the empirical research landscape and suggests future research directions.

Asset Securitization: Theory and Practice (Wiley Finance #679)

Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization—its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products. Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China. Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.

Asset Securitization im Gesundheitswesen: Erfahrungen in den USA und anderen Ländern als Basis einer Abwägung von Einsatzmöglichkeiten in Deutschland

Ulrich Franke geht auf die Schwierigkeiten des Kapitalmarktzugangs für Non-Profit-Unternehmen ein und analysiert, inwieweit ABS als Eigenkapital schonende Finanzierungsform eingesetzt werden kann. Grundlage für die Diskussion verschiedener Ansätze in Deutschland bieten die ausführlich dargelegten Erfahrungen in den USA und in anderen Ländern.

Asset Valuation: (pdf) (Building And Surveying Ser.)

Asset–Liability Management for Financial Institutions: Balancing Financial Stability with Strategic Objectives (Key Concepts #1)

Effective asset-liability management (ALM) of a financial institution requires making informed strategic and operational decisions. Ever more important in the wake of the corporate bailouts and collapses of the financial crisis, ALM encompasses the formulation, implementation, monitoring, and revision of strategies, often on a daily basis due to the fast-moving nature of the related risks and constraints.This approachable book features up-to-date practitioner and academic perspectives to provide you with the knowledge you need. Key foundation information is backed up by the latest research and thought leadership to form a comprehensive guide to ALM for today and into the future, with case studies and worked examples. Detailed coverage includes:* Successful risk management frameworks* Coherent stress-testing* Modeling market risk* Derivatives and ALM* Contingency funding to manage liquidity risks* Basel III capital adequacy standard* Investment management for insurers* Property and casualty portfolio management* Funds transfer pricing* Problem loan modeling

The Assets Agenda: Principles and Policy

Asset-based policies are becoming an increasingly important form of social policy globally. In this book, the first of its kind, Rajiv Prabhakar provides a theoretical perspective on the emerging asset agenda as well as examining specific policies, including the British Child Trust Fund.

Assets and the Poor: New American Welfare Policy

This work proposes a new approach to welfare: a social policy that goes beyond simple income maintenance to foster individual initiative and self-sufficiency. It argues for an asset-based policy that would create a system of saving incentives through individual development accounts (IDAs) for specific purposes, such as college education, homeownership, self-employment and retirement security. In this way, low-income Americans could gain the same opportunities that middle- and upper-income citizens have to plan ahead, set aside savings and invest in a more secure future.