GEORGE PENNACCHI THEORY OF ASSET PRICING PDF

Instructor Resources Description Theory of Asset Pricing unifies the central tenets and techniques of asset valuation into a single, comprehensive resource that is ideal for the first PhD course in asset pricing. By striking a balance between fundamental theories and cutting-edge research, Pennacchi offers the reader a well-rounded introduction to modern asset pricing theory that does not require a high level of mathematical complexity. Features A user-friendly presentation builds student knowledge, offering equal exposure to technical rigor and motivating discussions. Coverage of current valuation techniques includes single- and multi-period models; models set in discrete-time and continuous-time; and models of endowment economies and production economies. A broad range of up-to-date topics-including derivatives, and default-free and defaultable fixed income securities-provides the most current research. Recent modeling of non-time-separable utility and utility that reflects behavioral biases is included, in addition to models of standard, time-separable expected utility functions.

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About This Product Description Theory of Asset Pricing unifies the central tenets and techniques of asset valuation into a single, comprehensive resource that is ideal for the first PhD course in asset pricing.

By striking a balance between fundamental theories and cutting-edge research, Pennacchi offers the reader a well-rounded introduction to modern asset pricing theory that does not require a high level of mathematical complexity. Features A user-friendly presentation builds student knowledge, offering equal exposure to technical rigor and motivating discussions. Coverage of current valuation techniques includes single- and multi-period models; models set in discrete-time and continuous-time; and models of endowment economies and production economies.

A broad range of up-to-date topics—including derivatives, and default-free and defaultable fixed income securities—provides the most current research. Recent modeling of non-time-separable utility and utility that reflects behavioral biases is included, in addition to models of standard, time-separable expected utility functions. End-of-chapter summaries and exercises reinforce concepts presented in the text.

Pennacchi is a professor of finance and a co-director of the Office for Banking Research at the University of Illinois at Urbana-Champaign. His research focuses on financial intermediaries and the valuation of fixed-income securities and government guarantees. His consulting experience includes work for the U. Pennacchi received a Sc.