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Asset Pricing at the Millennium

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2000

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10.1111/0022-1082.00260

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Blackwell Publishing
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Campbell, John Y. 2000. Asset pricing at the millennium. Journal of Finance 55, no. 4: 1515-1567.

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This paper surveys the field of asset pricing. The emphasis is on the interplay between theory and empirical work and on the trade-off between risk and return. Modern research seeks to understand the behavior of the stochastic discount factor (SDF) that prices all assets in the economy. The behavior of the term structure of real interest rates restricts the conditional mean of the SDF, whereas patterns of risk premia restrict its conditional volatility and factor structure. Stylized facts about interest rates, aggregate stock prices, and cross-sectional patterns in stock returns have stimulated new research on optimal portfolio choice, intertemporal equilibrium models, and behavioral finance. The definitive version is available at www.blackwell-synergy.com.

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http://papers.ssrn.com/paper.taf?abstract_id=236584

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http://nrs.harvard.edu/urn-3:HUL.InstRepos:3294737

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Asset Pricing at the Millennium… : DASH Story 2015-02-17
At first, I thank you for the initiative of providing a space where one can share a vision regarding the (great) benefits of having public access to scientific texts. Actually, I started studying dynamic financial analysis some months ago, but the many hard subjects which form this body of knowledge also started to require some investment on them, so to allow me to make progress in dfa. Among the very interesting subjects are undoubtly stochastic processes and their applications, like asset pricing, for example. To say a little more about my story, although working for an insurance company in Brazil, studying these subjects is more of a personal endeavour than hoping they will some day give me space to apply them in my daily routine.