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The Economics of Business Valuation: Towards a Value Functional Approach

Patrick Anderson

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
book
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.001.0001
Subject:
Economics and Finance, Financial Economics

For decades, the traditional approaches to business valuation (market, asset, and income) have taken center stage in the assessment of the firm. This book presents an expanded valuation toolkit, ... More


Evaluating Mutual Fund Performance within the Stochastic Discount Framework

Jonathan Fletcher

in Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190207434
eISBN:
9780190207465
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190207434.003.0020
Subject:
Economics and Finance, Financial Economics

Some view performance measures based on the stochastic discount factor approach as having a stronger theoretical basis than traditional performance measures. The stochastic discount factor approach ... More


MODERN RECURSIVE EQUILIBRIUM AND THE BASIC PRICING EQUATION

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0009
Subject:
Economics and Finance, Financial Economics

The author introduces the “recursive” model that has emerged within micro-economics over the past few decades. This modern recursive equilibrium model is contrasted with the neoclassical model, in ... More


Asset Pricing Theories, Models, and Tests

Nikolay Gospodinov and Cesare Robotti

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0003
Subject:
Economics and Finance, Financial Economics

An important but still partially unanswered question in the investment field is why different assets earn substantially different returns on average. Financial economists have typically addressed ... More


Factor Theory

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0006
Subject:
Economics and Finance, Financial Economics

Assets earn risk premiums because they are exposed to underlying factor risks. The capital asset pricing model (CAPM), the first theory of factor risk, states that assets that crash when the market ... More


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