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Principles of Financial Economics

Author

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  • LeRoy,Stephen F.
  • Werner,Jan

Abstract

This second edition provides a rigorous yet accessible graduate-level introduction to financial economics. Since students often find the link between financial economics and equilibrium theory hard to grasp, less attention is given to purely financial topics, such as valuation of derivatives, and more emphasis is placed on making the connection with equilibrium theory explicit and clear. This book also provides a detailed study of two-date models because almost all of the key ideas in financial economics can be developed in the two-date setting. Substantial discussions and examples are included to make the ideas readily understandable. Several chapters in this new edition have been reordered and revised to deal with portfolio restrictions sequentially and more clearly, and an extended discussion on portfolio choice and optimal allocation of risk is available. The most important additions are new chapters on infinite-time security markets, exploring, among other topics, the possibility of price bubbles.

Suggested Citation

  • LeRoy,Stephen F. & Werner,Jan, 2014. "Principles of Financial Economics," Cambridge Books, Cambridge University Press, number 9781107024120.
  • Handle: RePEc:cup:cbooks:9781107024120
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    Cited by:

    1. repec:eee:mateco:v:75:y:2018:i:c:p:93-107 is not listed on IDEAS
    2. Chambers, Robert G. & Melkonyan, Tigran, 2017. "Ambiguity, reasoned determination, and climate-change policy," Journal of Environmental Economics and Management, Elsevier, vol. 81(C), pages 74-92.
    3. Ziping Zhao & Daniel P. Palomar, 2017. "Mean-Reverting Portfolio Design with Budget Constraint," Papers 1701.05016, arXiv.org.
    4. Bloise, Gaetano & Polemarchakis, Herakles & Vailakis, Yiannis, 2018. "Sustainable Debt," CRETA Online Discussion Paper Series 45, Centre for Research in Economic Theory and its Applications CRETA.
    5. repec:eee:insuma:v:85:y:2019:i:c:p:115-125 is not listed on IDEAS
    6. Bloise, Gaetano & Polemarchakis, Herakles & Vailakis, Yiannis, 2018. "Sustainable Debt," The Warwick Economics Research Paper Series (TWERPS) 1178, University of Warwick, Department of Economics.
    7. Werner, Jan, 2014. "Rational asset pricing bubbles and debt constraints," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 145-152.

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