Asset Pricing Under Asymmetric Information by Markus K. Brunnermeier
Look inside with Google Book Preview
Asset Pricing Under Asymmetric Information
By Markus K. Brunnermeier

Asset Pricing Under Asymmetric Information

Bubbles, Crashes, Technical Analysis and Herding

By (author) See other recent books by Markus K. Brunnermeier
Format: Hardback

Normal Price: $156.95
Your Price: $141.26 AUD, inc. GST
Shipping: $7.95 per order
You Save: $15.69! (10% off normal price)
Plus...earn $7.06 in Boomerang Bucks
Availability: Available Available to Backorder, No Due Date for Supply

Asset Pricing Under Asymmetric Information by Markus K. Brunnermeier

Book Description

Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency and allocative efficiency on the security structure and the linkage between both efficiency concepts. No-Trade theorems and market breakdowns due to asymmetric information are then explained, and the existence of bubbles under symmetric and asymmetric information is investigated. The remainder of the survey is devoted to contrasting different market microstructure models that demonstrate how asymmetric information affects asset prices and traders' information , which provide a theoretical explanation for technical analysis and illustrate why some investors "chase the trend." The reader is then introduced to herding models and informational cascades, which can arise in a setting where agents' decision-making is sequential. The insights derived from herding models are used to provide rational explanations for stock market crashes. Models in which all traders are induced to search for the same piece of information are then presented to provide a deeper insight into Keynes' comparison of the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.

Buy Asset Pricing Under Asymmetric Information book by Markus K. Brunnermeier from Australia's Online Bookstore, Boomerang Books.

Book Details

ISBN: 9780198296980
ISBN-10: 0198296983
Format: Hardback
(241mm x 161mm x 19mm)
Pages: 262
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 25-Jan-2001
Country of Publication: United Kingdom

Books By Author Markus K. Brunnermeier

Risk Topography by Markus K. Brunnermeier Risk Topography, Hardback (September 2014)

Helps you explore the possibilities for advancing macroeconomic modeling in order to achieve more accurate measurement. This book includes essays that focus on the development of models capable of highlighting the vulnerabilities that have never been systematically measured before.

» View all books by Markus K. Brunnermeier


» Have you read this book? We'd like to know what you think about it - write a review about Asset Pricing Under Asymmetric Information book by Markus K. Brunnermeier and you'll earn 50c in Boomerang Bucks loyalty dollars (you must be a member - it's free to sign up!)

Write a book review

Author Biography - Markus K. Brunnermeier

Markus K. Brunnermeier is an Assistant Professor in the Department of Economics at Princeton University, where he teaches courses in financial economics. He was previously a member of the Financial Markets Group at the London School of Economics.

Boomerang Bucks close

For every $20 you spend on books, you will receive $1 in Boomerang Bucks loyalty dollars. You can use your Boomerang Bucks as a credit towards a future purchase from Boomerang Books. Note that you must be a Member (free to sign up) and that conditions do apply.

Recent books by Markus K. Brunnermeier close
Euro and the Battle of Ideas by Markus K. Brunnermeier
Risk Topography by Markus K. Brunnermeier
» close