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Description - The Economics of Financial Markets by Roy E. Bailey

The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for beginning graduate students in financial economics. Following a brief overview of financial markets - their microstructure and the randomness of stock market prices - this textbook explores how the economics of uncertainty can be applied to financial decision-making. The mean-variance model of portfolio selection is discussed, with analysis extended to the capital asset pricing model (CAPM). Arbitrage plays a pivotal role in finance and is studied in a variety of contexts, including the APT model of asset prices. Methods for the empirical evaluation of CAPM and APT are also discussed, together with the volatility of asset prices, the intertemporal CAPM and the equity premium puzzle. An analysis of bond contracts leads into an assessment of theories of the term structure of interest rates. Finally, financial derivatives are explored, focusing on futures and options contracts.

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Book Details

ISBN: 9780521612807
ISBN-10: 0521612802
Format: Paperback
(246mm x 189mm x 28mm)
Pages: 550
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 26-May-2005
Country of Publication: United Kingdom

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Author Biography - Roy E. Bailey

R. E. Bailey is Reader in Economics at the University of Essex. His main interests are in monetary economics, together with economic history and philosophy.