The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives - Image 1

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Cambridge University Press The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives

Name: The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives
Brand: Cambridge University Press
Price: 110.79 GBP
Availability: InStock

Illustrated

Accounting

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Description

The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.

Product Specifications

Brand: Cambridge University Press
Model: Illustrated
Format: hardcover
ASIN: 1107006716
Category: Books > Subjects > Business, Finance & Law > Accounting
Domain: Amazon UK
Release Date: 31 October 2011
Listed Since: 16 March 2011

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Cambridge University Press The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives

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