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This synthesis of law, philosophy and market theory provides a new jurisprudence of exchange. It presents a fundamental critique of the traditional economic analysis of law and an alternative approach through semiotic analysis, examining the market exchange process through the broader perspective of creativity and human relationships.

Law and economics. --- Efficient market theory. --- Market theory, Efficient --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Capital market --- Stock exchanges --- Economics --- Jurisprudence

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Economic analysis of law --- Efficient market theory. --- Law and economics. --- Efficient market theory --- Law and economics --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Market theory, Efficient --- Economics --- Jurisprudence --- Capital market --- Stock exchanges

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The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.

Capital market --- Efficient market theory --- Gambling --- Information theory in economics --- 333.600 --- AA / International- internationaal --- Economic cybernetics --- Econometrics --- Betting --- Chance, Games of --- Games of chance --- Gaming (Gambling) --- Games --- Casinos --- Wagers --- Market theory, Efficient --- Stock exchanges --- Mathematical models --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Information theory in economics. --- Mathematical models. --- Business, Economy and Management --- Economics

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Asset pricing theory abounds with elegant mathematical models. The logic is so compelling that the models are widely used in policy, from banking, investments, and corporate finance to government. To what extent, however, can these models predict what actually happens in financial markets? In The Paradox of Asset Pricing, a leading financial researcher argues forcefully that the empirical record is weak at best. Peter Bossaerts undertakes the most thorough, technically sound investigation in many years into the scientific character of the pricing of financial assets. He probes this conundrum by modeling a decidedly volatile phenomenon that, he says, the world of finance has forgotten in its enthusiasm for the efficient markets hypothesis--speculation. Bossaerts writes that the existing empirical evidence may be tainted by the assumptions needed to make sense of historical field data or by reanalysis of the same data. To address the first problem, he demonstrates that one central assumption--that markets are efficient processors of information, that risk is a knowable quantity, and so on--can be relaxed substantially while retaining core elements of the existing methodology. The new approach brings novel insights to old data. As for the second problem, he proposes that asset pricing theory be studied through experiments in which subjects trade purposely designed assets for real money. This book will be welcomed by finance scholars and all those math--and statistics-minded readers interested in knowing whether there is science beyond the mathematics of finance. This book provided the foundation for subsequent journal articles that won two prestigious awards: the 2003 Journal of Financial Markets Best Paper Award and the 2004 Goldman Sachs Asset Management Best Research Paper for the Review of Finance.

Market theory, Efficient --- Capital assets pricing model --- Efficient market theory --- Securities --- E-books --- 332.6 --- 305.91 --- AA / International- internationaal --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Investment banking --- Capital market --- Stock exchanges --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Capital --- Finance --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Law and legislation --- Mathematical models --- Capital assets pricing model. --- Efficient market theory. --- Securities.

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Business cycles --- Bank failures --- Capital market --- Democracy --- Efficient market theory --- Risk management --- 305.6 --- 331.31 --- 333.139.2 --- 333.602 --- AA / International- internationaal --- Insurance --- Management --- Market theory, Efficient --- Stock exchanges --- Self-government --- Political science --- Equality --- Representative government and representation --- Republics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Failure of banks --- Business failures --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen --- Economisch beleid --- Bankcontrole en -reglementering. Reglementering van het bankberoep --- Activiteiten en evolutie van de financiële markten