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Both introductory surveys and results of individual research on a
selection of six issues of modern finance form the content of this
volume: * The Hybrid Model and Related Approaches to Capital Market
Equilibria * Portfolio Decisions and Capital Market Equilibria
under Incom- plete Information (by Volker Firchau) * Option
Valuation: Theory and Empirical Evidence (by Robert Geske and
Siegfried Trautmann) * The Value of Security Agreements (by Bernd
Rudolph) * Asset Pricing in a Small Economy: A Test of the Omitted
Assets Model (by Eduardo S. Schwartz and Michael J. Brennan) * The
Simple Analytics of Arbitrage. The main idea was to help students
in their work and to provide material for seminars. The book
originated from a cooperation between the authors coming from the
USA, Canada, and West Germany. Support was granted by the Allianz
Lebensversicherung Stuttgart, the Badenia Bausparkasse Karlsruhe,
the Landeszentralbank in Baden-Wurttemberg, and the Stifterverband
fUr die Deutsche Wirtschaft. Finally, we want to express our thanks
to Birgit Emmrich for her help during the different stages of
manuscript preparation, and, last but not least, to Werner A.
Muller from the Springer-Verlag for the readiness to publish our
volume.
This volume invites young scientists and doctoral students in the
fields of capital market theory, informational economics, and mana
gement science to visualize the many different ways to arrive at a
thorough understanding of risk and capital. Rather than focusing on
one subject only, the sample of papers collected may be viewed as a
representative choice of various aspects. Some contributions have
more the character of surveys on the state of the art while others
stress original research. We fou d it proper to group the papers
under two main themes. Part I covers information, risk aversion,
and capital market theory. Part II is devoted to management,
policy, and empirical evidence. Two contributions, we think,
deserved to break this allocation and to be placed in a prologue.
The ideas expressed by Jost B. Walther, although meant as opening
address, draw interesting parallels for risk and capital in
genetics and evolution. An old, fundamental pro blem was asked and
solved by Martin J. Beckmann: how does risk affect saving? The wise
answer (Martin's 60th birthday is in July 1984) is both smart and
simple, although the proof requires sophisticated dynamic
programming. As always, such a work must be the result of a special
occasion."
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