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Asset Pricing

Asset pricing theory tries to understand the prices or values of claims to uncertain payments. A low price implies a high rate of return, so one can also think of the theory as explaining why some assets pay higher average returns than others.
To value an asset, we have to account for the delay and for the risk of its payments. The effects of time are not too difficult to work out. However, corrections for risk are much more important determinants of an many assets’ values. For example, over the last 50 years U.S. stocks have given a real return of about 9% on average. Of this, only about 1% is due
to interest rates; the remaining 8% is a premium earned for holding risk. Uncertainty, or corrections for risk make asset pricing interesting and challenging.

Từ khóa: Asset Pricing, định giá tài sản, estimating and evaluating asset pricing models, bonds and options, contingent claims markets, term structure of interest rates

462 p tieuhoa 08/01/2013 329 2

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