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An excellent survey of asset pricing theory and applications from the modern viewpoint of stochastic discount factors and their associated geometry. This book was already a classic among finance scholars and on Ph.D. syllabi when it circulated in the form of class notes. It will also prove highly useful to practitioners who seek an in-depth introduction to these tools. -- Yacine Ait-Sahalia, Princeton University This is a beautiful book that uses the elegant simplicity of the stochastic discount factor to present a general theory of the pricing of stocks, bonds, and derivatives and a practical

About the Author

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution at Stanford University. Previously, he was the AQR Capital Management Distinguished Service Professor of Finance at the Booth School of Business and in the Department of Economics at the University of Chicago. Among other honors, he has been the president of the American Finance Association.

Reviews

Co-Winner of the 2001 Paul A. Samuelson award "This is a brilliant and useful book, well-deserving of the TIAA-CREF Samuelson Award... The clever intuition and informal writing style make it a joy to read. Like a star athlete does with the sport, Cochrane makes it look easier than it really is."--Journal of Economic Literature

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