"Stephen Ross, a pioneer of the field, surveys and integrates
modern finance in this lovely book. Much of the analysis is
strikingly novel. For example, Ross emphasizes how mild limits on
risk aversion can extend no-arbitrage arguments to say a lot about
asset prices; he derives discount factor bounds in a unified way
from the principle that more choices make you happier; he presents
the 'random walk' result in a compelling dynamic-trading
environment; and he closes with a careful dynamic contingent-claims
analysis of the closed-end fund discount. This chapter exemplifies
the neoclassical philosophy that patient, scientific study can
eventually solve the hardest empirical puzzles."--John Cochrane,
University of Chicago Graduate School of Business, author of "Asset
Pricing"
""Neoclassical Finance" is a must-read--a masterly development
of neoclassical asset pricing theory by one of its most original
thinkers. Stephen Ross not only provides a rigorous yet intuitive
synthesis of pricing fundamentals, but also shows how these
fundamentals offer a powerful alternative to many of the claims of
behavioral finance."--Hayne E. Leland, Arno Rayner Professor of
Finance and Management, University of California, Berkeley
"This delightful volume of four edited lectures by Stephen Ross
tells us about both his views and his tastes. The first chapter
deals with no-arbitrage methods--as we might expect--and the
remaining three with more contentious topics: bounds on the pricing
kernel, market efficiency, and behavioural finance. As we have come
to expect from Stephen Ross, the exposition is excellent and the
range masterly. We also learn, from the choices that have been made
in order to fit thismaterial into a small space, what he thinks is
important. This is an outstanding volume that will be read with
profit and enjoyment both by Professor Ross's colleagues in the
profession and by those outside finance seeking an introduction to
these important and controversial questions."--Stephen M. Shaefer,
Professor of Finance, London Business School
""Neoclassical Finance" is a significant contribution to the
field that deserves to be widely cited. Stephen Ross provides a
clear and concise discussion of basic theory, a new and in some
ways unique look at arbitrage and market efficiency, and resolves a
long-standing empirical puzzle about closed-end funds."--Richard
Roll, Japan Alumni Chair in Finance, Anderson School of Business,
University of California, Los Angeles
"The battle between classical and behavioral economics is here
to stay and will be a centerpiece of debate in the years to come,
especially in the portfolio management arena. Stephen Ross contends
that critics of neoclassical finance are all too willing to live
with the proverbial $100 bill sitting unclaimed on the pavement,
and underestimate the power of arbitrage. He does a marvelous job
of establishing the basic foundations of neoclassical finance, and
describing its tenets and results. And he does so with just the
right mix of survey materials and new results."--Yacine
Ait-Sahalia, Director, Bendheim Center for Finance, Princeton
University
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