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
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." |
Franklin
Allen
Nippon Life Professor of Finance and
Economics at the Wharton School, University of Pennsylvania
President of the American Finance Association, 2000
|
"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." |
