| Title | : | Intertemporal Asset Pricing: Evidence from Germany (Contributions to Economics) |
| Author | : | |
| Rating | : | 4.70 (443 Votes) |
| Asin | : | 3790811599 |
| Format Type | : | Paperback |
| Number of Pages | : | 287 Pages |
| Publish Date | : | 2013-10-04 |
| Genre | : |
In the mid-eighties Mehra and Prescott showed that the risk premium earned by American stocks cannot reasonably be explained by conventional capital market models. Using time additive utility, the observed risk pre mium can only be explained by unrealistically high risk aversion parameters. This phenomenon is well known as the equity premium puzzle. Shortly aft erwards it was also observed that the risk-free rate is too low relative to the observed risk premium. This essay is the first one to analyze these puzzles in the German capital market. It starts with a thorough discussion of the available theoretical mod els and then goes on to perform various empirical studies on the German capital market. After discussing natural properties of the pricing kernel by which future cash flows are translated into securities prices, various multi period equilibrium models are investigated for their implied pricing kernels. The starting point is a representative investor who opti
Editorial :
It seems common for many young people to talk about getting their career in order or going to graduate school eventually, getting married, and having kids but not all at the same time. I finished this book in one sitting. Their reaction was incredible. This is a pretty good selection of earlier Rolling Stones music, there are a few clunkers but a lot of gems. I have no children.) Here is a case for being serious about whom you choose and deciding to have children before the mid-thirties, when it starts getting a lot more problematical. Wrap it up with a few chapters on how great the author is and how amazing he is for writing this horrible joke book in 6 days. Some parts of this book are copied word-for-word from the author's other book, "The Making of Modern Economics".. The exercised offered lack pictures to clarify the sometimes specific instructions. The book is supposed to help an instructor. Instead, this is a thought provoking book aimed against the popular twenty something zeit
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