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商品简介:

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.

书评摘要:

Neoclassical 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.

编辑推荐:

斯蒂芬•A•罗斯是MIT斯隆学院教授,在信号理论、代理理论、期权定价、利率期限结构等现代金融学的诸多领域作出了重要贡献,尤其因提出套利定价理论而。

本书是罗斯教授的经典之作,其论述非常精彩,讨论范围的选取也很精巧。在书中,罗斯教授不仅对基本金融理论进行了清晰而简明的讨论,而且还大篇幅地分析了很多富有争议的话题。虽然当前认为市场价格是受到投资者心理冲动影响的行为金融学比较流行,但是罗斯表明,无须借助心理学,新古典金融理论也能为行为金融学所迷恋的很多异象提供简单而丰富的解释。

作者简介:

斯蒂芬•A•罗斯 麻省理工学院弗朗哥莫迪格里安尼(Franco Modigliani)金融学和经济学教授。他是套利定价理论的创立者;风险中性定价和衍生品二叉树定价模型的共同发现者,也是金融学教科书《公司财务》(Corporation Finance)一书的合著者。

内容简介:

《新古典金融学》根据金融领域近几十年在理论和实证上的进展,对现代金融学的基本原理进行了简明而有力的阐述。斯蒂芬•A•罗斯发展了无套利原理,将资产定价和金融市场上没有免费的午餐这样的简单命题紧密联系起来,他还与约翰考克斯(John cox)一起提出了与无套利相关联的风险中性定价的概念。在本书中,罗斯以强有力的证据说明,这些概念是现代金融学,特别是市场有效性的重要支柱。在一个有效的市场中,价格将反映市场所拥有的所有信息,因此,任何利用普遍可获得的信息以击败市场的交易企图注定都要失败。与此形成鲜明对比,当前流行的看法是由研究金融市场上一些明显的异象而兴起的行为金融学的解释,它认为,市场价格会受到投资者心理冲动的影响。但是罗斯表明,无须借助心理学,新古典金融理论也能为行为金融学所迷恋的很多异象提供简单而丰富的解释。这本精心撰写的著作是在普林斯顿大学本德海姆金融研究中心(Bendheim Center for Finance of Princeton University)主办的普林斯顿金融讲座的首讲讲义基础上完成的,可以说是对正在进行的市场有效性辩论的重要贡献,也可作为学者或实务工作者在金融学基础方面的有用的入门读物。

 

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