Finance: A Characteristics Approach

ISBN-13: 9780415212908 / Angielski / Twarda / 2000 / 144 str.

David Blake

Opis

Since the 1980s, the characteristics model in economics has been applied to the field of finance, and offers a fresh perspective for understanding financial behaviour. It has enabled the analyst and the investor to explore the characteristics of financial products, such as expected return, risk and future marketability, as a dimension distinct from the substance of the product itself. The first part of the volume explores the theoretical implications of such an approach. It examines: the characteristics model of portfolio behaviour and asset pricing, and the characteristics model as a unifying framework for analyzing financial markets, financial intermediaton and the process of financial innovation. The remainder of the volume focuses on empirical applications of the characteristics model, including computation of interest equivalence for nonprice characteristics of bank products and analysis of financial innovations in short-term retail financial products. The book should be of interest for both the specialist financial economist, and the generalist economist seeking original source material.

Spis treści

1. Introduction 2. Portfolio behaviour and asset pricing in a characteristics framework 3. Financial intermediation and financial innovation in a characteristics framework 4. A characteristics definition of financial markets 5. The computation of interest equivalences for the nonprice characteristics of bank products 6. A characteristics analysis of financial innovations in short term retail financial products

O autorze

David Blake