The book is a philosophical analysis of the consumption based capital asset pricing model (CCAPM), investigating in particular its epistemological and methodological foundations.
Financial markets are integral parts of advanced and developing economies. They matter because they channel unspent household…Asset Pricing Assumptions Epistemology Equity Risk Premium Finance Methodology Models Ontology Philiosophy Philosophie Philosphy of Science Tendencies
How is macroeconomic information processed and priced in financial markets? This work is dedicated to the exploration of different aspects of the relationship between the macroeconomic state of an economy, information about this state, and the pricing of assets. The research question is addressed in three steps.…Asset Pricing Bayesian Updating Business Conditions Finance Implied Cost of Capital Information Processing Macroeconomic News Risk Premium
A Contribution to the Solution of the Equity Premium Puzzle
Although the Consumption Based Asset Pricing Model (1) (CCAPM) is appealing not least thanks to its simplicity, its empirical test results are poor. If linearized, the model gives support to two of the most studied problems in financial theory: the Risk Free Rate Puzzle (2) and the Equity Premium…CCAPM Consumption Based Asset Pricing Model Equity Premium Puzzle Finanzen GMM Weak Instruments Human Capital Investor‘s Behavior Risk Aversion Saving Based Asset Pricing Model SCAPM Stock Market Volkswirtschaftslehre Wealth Growth
Empirical Evidence on Selected Topics
“One of the most important problems of corporate finance is the valuation of proprietary equities” as stated by Preinreich (1936).
Determining the economic value of a company is indeed an important theoretical and practical issue. The estimation of the true value of a company is essential for stock market…Accruals Asset Pricing Betriebswirtschaftslehre Business Cycle Cash Flow Dividend Discount Model Earnings Quality Finanzen Finanzmanagement Implied Lost of Capital Macroeconomic Announcements Rechnungswesen Residual Income Model Risk Premium Summary Measure
An Empirical Analysis of Risk-Reducing Signals – The Example of the Hotel Industry
Service providers, such as hotels, airlines, or car rental companies, face great challenges when marketing their services. With regard to service characteristics such as intangibility or perishability, customers face higher risk when purchasing services than they do with tangible products. The lack of physical…Best-Rate Guarantee Betriebswirtschaftslehre Hedonic Pricing Hotel Online Distribution Low-Price Guarantee Marketing-Management Matching Online-Marketing Price Premium Risk-Reducing Signals Service Brand Equity Service Pricing Service Providers Signaling Theory