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999			_c172308 _d172308
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008			200208s9999 xx 000 0 und d
020			_a9780521186513
082			_a332.0414 LEV
100			_aLevy, Haim
245		0	_aCapital assest pricing model in the 21st century : analytical empirical and behavioral perspectives
260			_aNew Delhi
260			_bCambridge University Press
260			_c2012
300			_a442 p.
520			_aThe 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.
650			_aCapital aspects pricing model
942			_cB _2ddc