Intermediate financial theory:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Amsterdam
Academic Press
2015
|
| Edition: | Third edition |
| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024149753&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Item Description: | Literaturangaben |
| Physical Description: | xvii, 553 Seiten Diagramme |
| ISBN: | 9780123865496 |
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| 245 | 1 | 0 | |a Intermediate financial theory |c Jean-Pierre Danthine ; John Donaldson |
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| adam_text | Titel: Intermediate financial theory
Autor: Danthine, Jean-Pierre
Jahr: 2015
Contents
Preface xv
PART IINTRODUCTION
Chapter 1: On the Role of Financial Markets and Institutions 3
1.1 Finance: The Time Dimension 3
1.2 Desynchronization: The Risk Dimension 6
1.3 The Screening and Monitoring Functions of the Financial System 7
1.4 The Financial System and Economic Growth 8
1.5 Financial Markets and Social Weifare 12
1.6 Financial Intermediation and the Business Cycle 18
1.7 Financial Crises 19
1.8 Conclusion 22
References 23
Complementary Readings 24
Appendix: Introduction to General Equilibrium Theory 24
Pareto Optimal Allocations 25
Competitive Equilibrium 27
Chapter 2: The Challenges of Asset Pricing: A Road Map 31
2.1 The Main Question of Financial Theory 31
2.2 Discounting Risky Cash Flows: Various Lines of Attack 33
2.3 Two Main Perspectives: Equilibrium versus Arbitrage 35
2.4 Decomposing Risk Premia 37
2.5 Models and Stylized Facts 39
2.5.1 The Equity Premium 40
2.5.2 The Value Premium 42
2.5.3 The Term Structure 43
v
vi Contents
2.6 Asset Pricing Is Not All of Finance! 44
2.6.1 Corporate Finance 44
2.6.2 Capital Structure 45
2.6.3 Taxes and Capital Structure 46
2.6.4 Capital Structure and Agency Costs 48
2.6.5 The Pecking Order Theory of Investment Financing 49
2.7 Banks 49
2.8 Conclusions 51
References 51
PART II THE DEMAND FOR FINANCIAL ASSETS
Chapter 3: Making Choices in Risky Situations 55
3.1 Introduction 55
3.2 Choosing Among Risky Prospects: Preliminaries 56
3.3 A Prerequisite: Choice Theory Under Certainty 61
3.4 Choice Theory Under Uncertainty: An Introduction 63
3.5 The Expected Utility Theorem 66
3.6 How Restrictive Is Expected Utility Theory? The Allais Paradox 72
3.7 Behavioral Finance 75
3.7.1 Framing 76
3.7.2 Prospect Theory 78
3.7.3 Overconfidence 84
3.8 Conclusions 85
References 85
Chapter 4: Measuring Risk and Risk Aversion 87
4.1 Introduction 87
4.2 Measuring Risk Aversion 87
4.3 Interpreting the Measures of Risk Aversion 90
4.3.1 Absolute Risk Aversion and the Odds of a Bet 90
4.3.2 Relative Risk Aversion in Relation to the Odds of a Bet 92
4.3.3 Risk Neutral Investors 93
4.4 Risk Premium and Certainty Equivalence 94
4.5 Assessing the Degree of Relative Risk Aversion 97
4.6 The Concept of Stochastic Dominance 98
4.7 Mean Preserving Spreads 102
4.8 An Unsettling Observation About Expected Utility 105
Contents vii
4.9 Applications: Leverage and Risk 106
4.9.1 An Example 108
4.9.2 Is Leverage a Good Thing? 109
4.9.3 An Application to Executive Compensation 111
4.10 Conclusions 112
References 113
Appendix: Proof of Theorem 4.2 113
Chapter 5: Risk Aversion and Investment Decisions, Part 1 115
5.1 Introduction 115
5.2 Risk Aversion and Portfolio Allocation: Risk-Free Versus Risky Assets 116
5.2.1 The Canonical Portfolio Problem 116
5.2.2 Illustration and Examples 117
5.3 Portfolio Composition, Risk Aversion, and Wealth 118
5.4 Special Case of Risk-Neutral Investors 121
5.5 Risk Aversion and Risky Portfolio Composition 122
5.6 Risk Aversion and Savings Behavior 124
5.6.1 Savings and the Riskiness of Returns 124
5.6.2 Illustrating Prudence 128
5.6.3 The Joint Saving—Portfolio Problem 129
5.7 Generalizing the VNM-Expected Utility Representation 130
5.7.1 Preferences for the Timing of Uncertainty Resolution 131
5.7.2 Preferences That Guarantee Time-Consistent Planning 133
5.7.3 Separating Risk and Time Preferences 137
5.8 Conclusions 139
References 140
Chapter 6: Risk Aversion and Investment Decisions, Part II: Modern
Portfolio Theory. 143
6.1 Introduction 144
6.2 More About Utility Functions and Return Distributions 144
6.3 Refining the Normality-of-Returns Assumption 149
6.4 Description of the Opportunity Set in the Mean—Variance Space:
The Gains from Diversification and the Efficient Frontier 152
6.5 The Optimal Portfolio: A Separation Theorem 158
6.6 Stochastic Dominance and Diversification 159
6.7 Conclusions 165
References 166
v/7/ Contents
Appendix 6.1: Indifference Curves Under Quadratic Utility or Normally
Distributed Returns 166
Parti 166
Part II 167
Proof of the Convexity of Indifference Curves 170
Appendix 6.2: The Shape of the Efficient Frontier; Two Assets;
Alternative Hypotheses 171
Perfect Positive Correlation (Figure 6.3) 171
Imperfectly Correlated Assets (Figure 6.4) 171
Perfect Negative Correlation (Figure 6.5) 172
One Riskless and One Risky Asset (Figure 6.6) 172
Appendix 6.3: Constructing the Efficient Frontier 173
The Basic Portfolio Problem 173
Generalizations 174
Nonnegativity Constraints 174
Composition Constraints 175
Adjusting the Data (Modifying the Means) 176
Constraints on the Number of Securities in the Portfolio 177
Chapter 7: Risk Aversion and Investment Decisions, Part III: Challenges
to Implementation 181
7.1 Introduction 181
7.2 The Consequences of Parameter Uncertainty 183
7.3 Trends and Cycles in Stock Market Return Data 187
7.3.1 Trends in International Stock Market Cross-Correlations 188
7.3.2 Asset Correlations in Cyclical Periods of High Volatility 190
7.3.3 The Financial Crisis 191
7.4 Equally Weighted Portfolios 193
7.5 Are Stocks Less Risky for Long Investment Horizons? 195
7.5.1 Long- and Short-Run Equity Riskiness: Historical Patterns 195
7.5.2 Intertemporal Stock Return Behavior Through Time:
The Random Walk Model 197
7.5.3 Are Stocks Less Risky in the Long Run? A Predictive
Perspective 201
7.6 Conclusions 203
References 204
Appendix 7.1 205
Contents ix
PART III EQUILIBRIUM PRICINC
Chapter 8: The Capital Asset Pricing Model. 209
8.1 Introduction 209
8.2 The Traditional Approach to the CAPM 210
8.3 Valuing Risky Cash Flows with the CAPM 214
8.4 The Mathematics of the Portfolio Frontier: Many Risky Assets
and No Risk-Free Asset 217
8.5 Characterizing Efficient Portfolios (No Risk-Free Assets) 222
8.6 Background for Deriving the Zero-Beta CAPM: Notion of
a Zero-Covariance Portfolio 224
8.7 The Zero-Beta CAPM 227
8.8 The Standard CAPM 229
8.9 An Empirical Assessment of the CAPM 231
8.9.1 Fama and MacBeth (1973) 232
8.9.2 Banz (1981) and the Size Effect 234
8.9.3 Fama and French (1992) 234
8.9.4 Volatility Anomalies 235
8.10 Conclusions 239
References 240
Appendix 8.1: Proof of the CAPM Relationship 241
Appendix 8.2: The Mathematics of the Portfolio Frontier: An Example 242
Appendix 8.3: Diagrammatic Representation of the Fama—MacBeth
Two-Step Procedure 245
Chapter 9: Arrow—Debreu Pricing, Part 1 247
9.1 Introduction 247
9.2 Setting: An Arrow—Debreu Economy 248
9.3 Competitive Equilibrium and Pareto Optimality Illustrated 250
9.4 Pareto Optimality and Risk Sharing 257
9.5 Implementing PO Allocations: On the Possibility of Market Failure 260
9.6 Risk-Neutral Valuations 263
9.7 Conclusions 266
References 267
Chapter 10: The Consumption Capital Asset Pricing Model 269
10.1 Introduction 270
10.2 The Representative Agent Hypothesis and its Notion of Equilibrium 270
x Contents
10.2.1 An Infinitely Lived Representative Agent 270
10.2.2 On the Concept of a No-Trade Equilibrium 271
10.3 An Exchange (Endowment) Economy 275
10.3.1 The Model 275
10.3.2 Interpreting the Exchange Equilibrium 278
10.3.3 The Formal CCAPM 281
10.4 Pricing Arrow—Debreu State-Contingent Claims with the CCAPM 281
10.4.1 The CCAPM and Risk-Neutral Valuation 285
10.5 Testing the CCAPM: The Equity Premium Puzzle 286
10.6 Testing the CCAPM: Hansen—Jagannathan Bounds 293
10.7 The SDF in Greater Generality 295
10.8 Some Extensions 297
10.8.1 Reviewing the Diagnosis 297
10.8.2 Adding a Disaster State 299
10.8.3 Habit Formation 302
10.8.4 The CCAPM with Epstein—Zin Utility 303
10.8.5 Beyond a Representative Agent and Rational
Expectations 313
10.9 Conclusions 317
References 317
Appendix 10.1: Solving the CCAPM with Growth 319
Appendix 10.2: Some Properties of the Lognormal Distribution 320
PART IV ARBITRAGE PRICING
Chapter 11: Arrow—Debreu Pricing, Part II 325
11.1 Introduction 325
11.2 Market Completeness and Complex Securities 326
11.3 Constructing State-Contingent Claims Prices in a Risk-Free World:
Deriving the Term Structure 330
11.4 The Value Additivity Theorem 335
11.5 Using Options to Complete the Market: An Abstract Setting 337
11.6 Synthesizing State-Contingent Claims: A First Approximation 343
11.7 Recovering Arrow—Debreu Prices from Options Prices: A Generalization 345
11.8 Arrow—Debreu Pricing in a Multiperiod Setting 352
11.9 Conclusions 357
References 358
Appendix 11.1: Forward Prices and Forward Rates 358
Contents xi
Chapter 12: The Martingale Measure: Part 1 361
12.1 Introduction 361
12.2 The Setting and the Intuition 362
12.3 Notation, Definitions, and Basic Results 364
12.4 Uniqueness 369
12.5 Incompleteness 372
12.6 Equilibrium and No Arbitrage Opportunities 375
12.7 Application: Maximizing the Expected Utility of
Terminal Wealth 377
12.7.1 Portfolio Investment and Risk-Neutral Probabilities 377
12.7.2 Solving the Portfolio Problem 380
12.7.3 A Numerical Example 381
12.8 Conclusions 383
References 384
Appendix 12.1: Finding the Stock and Bond Economy That Is Directly
Analogous to the Arrow—Debreu Economy in Which Only State
Claims Are Traded 384
Appendix 12.2: Proof of the Second Part of Proposition 12.6 386
Chapter 13: The Martingale Measure: Part II 387
13.1 Introduction 387
13.2 Discrete Time Infinite Horizon Economies: A CCAPM Setting 388
13.3 Risk-Neutral Pricing in the CCAPM 390
13.4 The Binomial Model of Derivatives Valuation 397
13.5 Continuous Time: An Introduction to the Black—Scholes Formula 407
13.6 Dybvig s Evaluation of Dynamic Trading Strategies 410
13.7 Conclusions 414
References 414
Appendix 13.1: Risk-Neutral Valuation When Discounting at the Term
Structure of Multiperiod Discount Bond 414
Chapter 14: The Arbitrage Pricing Theory 417
14.1 Introduction 417
14.2 Factor Models: A First Illustration 419
14.2.1 Using the Market Model 420
14.3 A Second Illustration: Multifactor Models, and the CAPM 421
14.4 The APT: A Formal Statement 424
14.5 Macroeconomic Factor Models 426
xii Contents
14.6 Models with Factor-Mimicking Portfolios 428
14.6.1 The Size and Value Factors of Fama and French (1993) 428
14.6.2 Momentum Portfolios 434
14.7 Advantage of the APT for Stock or Portfolio Selection 436
14.8 Conclusions 437
References 437
Appendix A.14.1: A Graphical Interpretation of the APT 438
Statement and Proof of the APT 439
The CAPM and the APT 441
Appendix 14.2: Capital Budgeting 441
Chapter 15: An Intuitive Overview of Continuous Time Finance 443
15.1 Introduction 443
15.2 Random Walks and Brownian Motion 444
15.3 More General Continuous Time Processes 448
15.4 A Continuous Time Model of Stock Price Behavior 449
15.5 Simulation and European Call Pricing 451
15.5.1 Ito processes 451
15.5.2 Binomial Model 453
15.6 Solving Stochastic Differential Equations: A First Approach 454
15.6.1 The Behavior of Stochastic Differentials 454
15.6.2 Ito s Lemma 456
15.6.3 The Black—Scholes Formula 457
15.7 A Second Approach: Martingale Methods 459
15.8 Applications 460
15.8.1 The Consumption—Savings Problem 460
15.8.2 An Application to Portfolio Analysis 461
15.8.3 The Consumption CAPM in Continuous Time 466
15.9 Final Comments 467
References 467
Chapter 16: Portfolio Management in the Long Run 469
16.1 Introduction 469
16.2 The Myopie Solution 472
16.3 Variations in the Risk-Free Rate 478
16.3.1 The Budget Constraint 479
16.3.2 The Optimality Equation 481
16.3.3 Optimal Portfolio Allocations 482
Contents xiii
16.3.4 The Nature of the Risk-Free Asset 484
16.3.5 The Role of Bonds in Investor Portfolios 485
16.4 The Long-Run Behavior of Stock Returns 486
16.4.1 Solving for Optimal Portfolio Proportions in a Mean
Reversion Environment 489
16.4.2 Strategie Asset Allocation 491
16.4.3 The Role of Stocks in Investor Portfolios 492
16.5 Background Risk: The Implications of Labor Income for Portfolio Choice 492
16.6 An Important Caveat 501
16.7 Another Background Risk: Real Estate 501
16.8 Conclusions 504
References 505
Chapter 17: Financial Structure and Firm Valuation in Incomplete Markets 507
17.1 Introduction 5 07
17.1.1 What Securities Should a Firm Issue if the Value of the
Firm is to be Maximized? 508
17.1.2 What Securities Should a Firm Issue if it is to Grow as Rapidly
as Possible? 508
17.2 Financial Structure and Firm Valuation 508
17.2.1 Financial Structure Fi 510
17.2.2 Financial Structure F2 512
17.3 Arrow—Debreu and Modigliani—Miller 514
17.4 On the Role of Short Selling 516
17.5 Financing and Growth 518
17.5.1 No Contingent Claims Markets 519
17.5.2 Contingent Claims Trading 519
17.5.3 Incomplete Markets 521
17.5.4 Complete Contingent Claims 522
17.6 Conclusions 524
References 524
Appendix: Details of the Solution of the Contingent Claims Trade Case
of Section 17.5 525
Chapter 18: Financial Equilibrium with Differential Information 527
18.1 Introduction 527
18.2 On the Possibility of an Upward-Sloping Demand Curve 529
18.3 An Illustration of the Concept of REE: Homogeneous Information 530
xiv Contents
18.4 Fully Revealing REE: An Example 535
18.5 The Efficient Market Hypothesis 539
References 542
Appendix: Bayesian Updating with the Normal Distribution 542
Index 545
For additional material, please see the following companion sites for the book:
http.V/booksite. elsevier. com/9780123865496/ and http.V/textbooks. elsevier. com/web/product_
details.aspx?isbn=9780123865496
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| open_access_boolean | |
| owner | DE-11 DE-521 DE-473 DE-BY-UBG DE-1047 DE-739 DE-355 DE-BY-UBR DE-523 DE-862 DE-BY-FWS DE-706 |
| owner_facet | DE-11 DE-521 DE-473 DE-BY-UBG DE-1047 DE-739 DE-355 DE-BY-UBR DE-523 DE-862 DE-BY-FWS DE-706 |
| physical | xvii, 553 Seiten Diagramme |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | Academic Press |
| record_format | marc |
| spellingShingle | Danthine, Jean-Pierre 1950- Intermediate financial theory Finance Kreditmarkt (DE-588)4073788-3 gnd Kapitalmarkttheorie (DE-588)4137411-3 gnd Theorie (DE-588)4059787-8 gnd |
| subject_GND | (DE-588)4073788-3 (DE-588)4137411-3 (DE-588)4059787-8 |
| title | Intermediate financial theory |
| title_auth | Intermediate financial theory |
| title_exact_search | Intermediate financial theory |
| title_full | Intermediate financial theory Jean-Pierre Danthine ; John Donaldson |
| title_fullStr | Intermediate financial theory Jean-Pierre Danthine ; John Donaldson |
| title_full_unstemmed | Intermediate financial theory Jean-Pierre Danthine ; John Donaldson |
| title_short | Intermediate financial theory |
| title_sort | intermediate financial theory |
| topic | Finance Kreditmarkt (DE-588)4073788-3 gnd Kapitalmarkttheorie (DE-588)4137411-3 gnd Theorie (DE-588)4059787-8 gnd |
| topic_facet | Finance Kreditmarkt Kapitalmarkttheorie Theorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024149753&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT danthinejeanpierre intermediatefinancialtheory AT donaldsonjohnb intermediatefinancialtheory |