Asset Pricing (H/C) (Revised)

Winner of the Prestigious Paul A. Samuelson Award for Scholarly Writing on Lifelong Financial Security, John Cochrane's Asset Pricing Now Appears in a Revised Edition That Unifies and Brings the Science of Asset Pricing Up to Date for Advanced Students and Professionals. Cochrane Traces the Pricing of All Assets Back to a Single Idea - Price Equals Expected Discounted Payoff - That Captures the Macro-Economic Risks Underlying Each Security's Value. by Using a Single, Stochastic Discount Factor Rather Than a Separate Set of Tricks for Each Asset Class, Cochrane Builds a Unified Account of Modern Asset Pricing. He Presents Applications to Stocks, Bonds, and Options. Each Model - Consumption Based, Capm, Multifactor, Term Structure, and Option Pricing - is Derived As a Different Specification of the Discounted Factor. the Discount Factor Framework Also Leads to a State-Space Geometry for Mean-Variance Frontiers and Asset Pricing Models. It Puts Payoffs in Different States of Nature on The