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| Author: | Ross, S. A. |
| Title: | Neoclassical Finance, Alternative Finance and the Closed End Fund Puzzle |
| Journal: | European Financial Management
2002 : JUN, VOL. 8:2, p. 129-138 |
| Index terms: | FINANCE DISCOUNT RATE NEO-CLASSICAL ECONOMICS ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The basic outline of neoclassical finance is now complete. That is not to say that there is nothing more to do. To the contrary, the theory is unsettled in many areas and, as we shall see, the empirical confirmation of the theory while strong in parts is spotty in others. Nevertheless, the success of the theory is the envy of the social sciences. There is probably no construct in the social sciences that has had a greater impact on the practical world than that of modern finance. Asset pricing, the APT in particular, rests on a similarly appealing theoretical foundation. Systematic and possibly exogenous factors are identified and the return of any asset is forced by the absence of arbitrage, to move in lockstep with the factors that are the underlying state variables that move its returns. |
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