By (author) Stephen A. Ross
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Neoclassical Finance by Stephen A. Ross
Book DescriptionNeoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail. By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated. Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.
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Book DetailsISBN: 9780691121383
(229mm x 152mm x 15mm)
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 11-Oct-2004
Country of Publication: United States
Books By Author Stephen A. Ross
Fundamentals of Corporate Finance, Hardback (May 2015)
Providing three basic themes that are the central focus, this book illustrates an emphasis on intuition; a unified valuation approach-net present value is treated as the basic concept underlying corporate finance; and a managerial focus. It also continues the tradition of excellence that has earned its status as market leader.
Corporate Finance: Core Principles and Applications, Hardback (October 2013)
Specifically designed to help improve student performance, this title presents an adaptive learning component, LearnSmart, which provides assignable modules that help students master chapter core concepts and come to class more prepared. It also helps students solve financial problems and apply what they've learned.
Essentials Corporate Finance, Hardback (February 2013)View all books by Stephen A. Ross
Helps students to improve performance, successfully solve financial problems and analyze the results. With a complete digital solution, this title enables them achieve higher outcomes in the course.
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Author Biography - Stephen A. Ross
Stephen A. Ross is the Franco Modigliani Professor of Finance and Economics at the Massachusetts Institute of Technology. Best known as the originator of arbitrage pricing theory and as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives, he is the coauthor of the best-selling textbook series in finance, "Corporate Finance".
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