TAILIEUCHUNG - 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 . stocks have given a real return of about 9% on average. Of. | ASSET JOHN H. COCHRANE Asset Pricing John H. Cochrane June 12 2000 1 Acknowledgments This book owes an enormous intellectual debt to Lars Hansen and Gene Fama. Most of the ideas in the book developed from long discussions with each of them and trying to make sense of what each was saying in the language of the other. I am also grateful to all my colleagues in Finance and Economics at the University of Chicago and to George Constantinides especially for many discussions about the ideas in this book. I thank George Constantinides Andrea Eisfeldt Gene Fama Wayne Ferson Owen Lamont Anthony Lynch Dan Nelson Alberto Pozzolo Michael Roberts Juha Seppala Mike Stutzer Pietro Veronesi an anonymous reviewer and several generations of . students at the University of Chicago for many useful comments. I thank the NSF and the Graduate School of Business for research support. Additional material and both substantive and typographical corrections will be maintained at http fac research papers Comments and suggestions are most welcome This book draft is copyright John H. Cochrane 1997 1998 1999 2000 John H. Cochrane Graduate School of Business University of Chicago 1101 E. 58th St Chicago IL 60637 773 702 3059 June 12 2000

• Tài chính doanh nghiệp
• Risk sharing
• No Arbitrage
• discount factor
• continuous time
• mean variance frontier
• discount factors
• Household collateral constrain regional risk sharing
• Household collateral
• US housing collateral
• Lan collateral
• Consumption patterns
• Knowledge sharing behaviour
• Non academic staff
• Higher learning institutes
• Trust and perceived risk
• Knowledge sharing
• Social capital
• Risk of opportunistic behaviors
• Team performance
• Virtual team
• BMC Pediatrics
• Bed sharing
• Environmental risk factors
• Maternal depression
• Prone sleeping
• Parental smoking
• Accounts payable
• insurance companies
• Wnancial contracting
• risk relationships
• Availability doctrine
• sharing information
• Comparative analysis of non contract
• Contract farmers in tea sector in Vietnam
• Thai Nguyen and Phu Tho provinces
• Risk sharing to smallholders
• The frontier empirical analysis reveals
• Economics of migration
• Internal migration
• Rural Urban migration
• Social capital’
• Risk sharing mechanism
• BMC Bioinformatics
• Visual analytics
• Systems biology
• Risk assessment
• Data integration
• Graphical user interface
• Field of globalization
• Effects of financial globalization
• Risk of financial globalization
• Developing countries economy
• International risk sharing