15 of 15 people found the following review helpful
on 23 August 2001
The author presents a survey of the asset pricing literature from the 'unifying' stochastic discount factor framework. This is a refreshing attempt to unify the often ad-hoc approaches to asset pricing theory found in the literature. However, the book is structured in a manner that requires the reader to be already fully conversant in the literature. If they are not, many mysterious results are introduced in an apparently random nature, which only fit into the jigsaw puzzle some 50 pages later. I hope the second edition manages to address this problem by altering the structure. Otherwise, a pretty good stab at cleaning up the 'mess' left by the earlier asset pricing literature.