Research on Asset Pricing Problems in Developing Financial Markets

Author: Yu Chunhai
Publisher:
Publish Date: 2006-03-01
Features: Unlike the asset pricing research in the commonly referred "new financial markets," this paper selects the prices of developing financial markets as the research subject. The purpose is to explore the special manifestations of the pricing mechanisms in developing financial markets, starting from the structural characteristics of developing economies and the development status of their financial markets. This book begins with the micro-choice behavior of economic individuals, discussing the general logic of asset pricing and linking the formation and development history of Western asset pricing theories into a single thread. By examining the analytical premises, methods, and basic conclusions of Western asset pricing theories, the development process of Western asset pricing theories is divided into the stage of theoretical system formation and the stage of theoretical application and development. On this basis, combining the recent new developments in Western asset pricing theories with the structural characteristics of developing financial markets, the paper qualitatively discusses the effects of factors such as individual differences, interest rate rigidity, and market infringement on the pricing process of financial assets in developing markets.