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.
General
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