{"title":"Asset Pricing II","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0005","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0005","url":null,"abstract":"This chapter presents an number of key anomalies from the perspective of the risk-neutral pricing model and presents the risk-averse pricing model. It discusses how this helps to correct some of the key implications of the model relative to the risk-neutral model, but fails to go far enough.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130886925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exchange Rates and Nominal Interest Rates","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0010","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0010","url":null,"abstract":"This chapter discusses exchanges and the different types of exchange rate regimes. It describes how exchange rates impact on real exchange rates, and how movements in the real exchange rate are associated with boom-bust cycles. It also discusses interest parity.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115619780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lending and the Development of Banks","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0012","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0012","url":null,"abstract":"This chapter lays some of the early financial history and how various types of lending arrangements first arose. It examines various impediments to lending. It also explains Townsend’s auditing model and how that can explain why debt contracts are used.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"1 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121009289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"More on Banks and Banking","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0013","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0013","url":null,"abstract":"This chapter lays out the development and history of banking in the United States. It lays out the Diamond-Dybvig model of baning and explains how bank runs can arise. It closes by discussing various recent trends in banking and how they relate to investment banks and securitization","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128050965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asset Pricing I: Risk-Neutral Pricing","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0003","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0003","url":null,"abstract":"This chapter develop the an asset pricing methodology, presents the standard risk-neutral asset pricing model, and uses it to price a wide of assets.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"441 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125379997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investment and Capital Structure of the Firm","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0008","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0008","url":null,"abstract":"This chapter examines the implications of the stochastic discount factor for optimal firm behaviour. The last section focuses on capital structure decisions with bankruptcy costs and the tax shield implied by debt.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116435668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asset Pricing with Growth","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0004","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0004","url":null,"abstract":"This chapter extends the risk-neutral asset pricing model to account for long-run growth.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116635345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asset Pricing III: Arbitrage-Based Pricing","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0006","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0006","url":null,"abstract":"This chapter develops a arbitrage-based pricing model in which the extent to which the stochastic discount factor varies is unrestricted.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127983264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Debt, Default, and Interest Rates","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0017","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0017","url":null,"abstract":"This chapter discusses the history of debt crises, such as the Latin American debt crisis of the 1980s and Mexico’s Tequila Crisis of the mid-1990s, as well as the recent EU crisis. It lays out a model of sovereign borrowing, debt pricing and default to analyse these crises.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126677629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Financial Meltdown and the Great Recession","authors":"Harold L. Cole","doi":"10.1093/OSO/9780190941697.003.0014","DOIUrl":"https://doi.org/10.1093/OSO/9780190941697.003.0014","url":null,"abstract":"This chapter lays out the major events and causes of the financial meltdown and recession of the 2000s. It also discusses the Federal Reserves policy response to the crisis.","PeriodicalId":136249,"journal":{"name":"Finance and Financial Intermediation","volume":"16 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114107562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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