1: Information, Equilibrium, Efficiency Concepts
2: No-Trade Theorems, Asset Pricing, Bubbles
3: Market Microstructure Models
4: Dynamic Models, Technical Analysis and Volume
5: Herding and Informational Cascades
6: Crashes, Investigative Herding, Bank Runs
Markus K. Brunnermeier is an Assistant Professor in the Department of Economics at Princeton University, where he teaches courses in financial economics. He was previously a member of the Financial Markets Group at the London School of Economics.
This book develops the conceptual foundations required for the
analysis of markets with asymmetric information, and uses them to
provide a clear survey and synthesis of the theoretical literature
on bubbles, market microstructure, crashes, and herding in
financial markets. The book is not only useful to the beginner who
requires a guide through the rapidly developing literature, but
provides insight and perspective that the expert will also
appreciate. Michael
Brennan, Irwin and Goldyne Hearsh Professor of Banking and Finance
at the University of California, Los Angeles, and Professor of
Finance at the London Business School. President of the
American
Finance Association, 1989
This book provides an excellent account of how bubbles and crashes
and various other phenomena can occur. Traditional asset pricing
theories have assumed symmetric information. Including asymmetric
information radically alters the results that are obtained. The
author takes a complex subject and presents it in a clear and
concise manner. I strongly recommend it for anybody seriously
interested in the theory of asset pricing. Franklin Allen, Nippon
Life
Professor of Finance and Economics at the Wharton School,
University of Pennsylvannia, and President of the American Finance
Association, 2000
This timely book provides an invaluable map for students and
researchers navigating the literature on market microstructure, and
more generally, on equilibrium with asymmetric information. It will
become highly recommended reading for graduate courses in the
economics of uncertainty and in financial economics. Hyun Song
Shin, Professor of Finance at the London School of Economicsr
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