New
Intermediate Financial Theory,
Edition 4Editors: By Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Publication Date:
20 Nov 2025
Conformance
-
PDF/UA-1
-
The publication contains a conformance statement that it meets the EPUB Accessibility 1.1, WCAG 2.1, Level AA standard. Please see https://bornaccessible.benetech.org/certified-publishers/ for further details of our compatibility testing.
-
The publication was certified on 20250728
-
Accessibility addendum
-
The certifier's credential is https://bornaccessible.benetech.org/certified-publishers/
-
For detailed accessibility information, see Elsevier’s website at https://www.elsevier.com/about/accessibility
-
Compatibility tested
-
For queries regarding accessibility information, contact [email protected]
Ways Of Reading
-
This e-publication is accessible to the full extent that the file format and types of content allow, on a specific reading device, by default, without necessarily including any additions such as textual descriptions of images or enhanced navigation.
-
All contents of the digital publication necessary to use and understanding, including any text, images (via alternative descriptions), video (via audio description) is fully accessible via suitable audio reproduction.
Navigation
-
The contents of the PDF have been tagged to permit access by assistive technologies as per PDF-UA-1 standard.
-
Page breaks included from the original print source
Additional Accessibility Information
-
All (or substantially all) textual matter is arranged in a single logical reading order (including text that is visually presented as separate from the main text flow, e.g., in boxouts, captions, tables, footnotes, endnotes, citations, etc.). Non-textual content is also linked from within this logical reading order. (Purely decorative non-text content can be ignored).
-
The language of the text has been specified (e.g., via the HTML or XML lang attribute) to optimise text-to-speech (and other alternative renderings), both at the whole document level and, where appropriate, for individual words, phrases or passages in a different language.
-
For readers with color vision deficiency, use of color (e.g., in diagrams, graphics and charts, in prompts, or on buttons inviting a response) is not the sole means of graphical distinction or of conveying information
-
Content is enhanced with ARIA roles to optimize organization and facilitate navigation
-
Where interactive content is included in the product, controls are provided (e.g., for speed, pause and resume, reset) and labelled to make their use clear.
-
WCAG v2.2
Note
-
This product relies on 3rd party tooling which may impact the accessibility features visible in inspection copies. All accessibility features mentioned would be present in the purchased version of the title.
Intermediate Financial Theory, Fourth Edition provides an updated and thorough explanation of basic financial concepts, in a manner accessible both to those new to the subject and to those without a deep background in advanced mathematics. It is ideal for students with a background in Economics who are looking for an accessible yet rigorous introduction to financial theory beyond basic MBA-level textbooks. While not as dense as highly technical Ph.D. presentations tend to be, this valuable text seeks rather to integrate academic expertise with real-world experience from leading experts in the field. The fourth edition has been fully updated and is supplemented by extensive online resources.
Key Features
- Completely updated edition of a classic textbook that fills a gap between MBA- and PhD-level texts.
- Focuses on clear explanations of key concepts and requires limited mathematical prerequisites.
- Emphasizes the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing.
- The 4th edition includes new chapters focused on the 2008-2009 financial crisis, the sustainability challenge, the safe asset shortage, discounting from a long run (climate change) perspective. It also collects, in a new separate chapter, relevant insights from a corporate finance perspective.
- Online solutions manual available for qualified instructors
About the author
By Jean-Pierre Danthine, Enterprise for Society Center, UniL-IMD- EPFL, Lausanne, Switzerland; John B. Donaldson, Mario J. Gabelli Professor of Finance at Columbia University Business School, New York, NY, USA and Samuel Danthine, ENSAI, France
Part One: Introduction
1. On the Role of Financial Markets and Institutions
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
2. Finance in the 21st Century: Crisis and Sustainability
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
3. The Challenges of Asset Pricing: A Road Map
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part Two: The Demand for Financial Assets
4. Making Choices in Risky Situations
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
5. Measuring Risk and Risk Aversion
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
6. Risk Aversion and Investment Decisions, Part I: Subtitle?
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
7. Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
8. Risk Aversion and Investment Decisions, Part III: Challenges to Implementation
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 3: Equilibrium Pricing
9. The Capital Asset Pricing Model
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
10. Arrow–Debreu Pricing, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
11. The Consumption Asset Pricing Model, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
12. The Consumption Asset Pricing Model, Part II.
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 4: Arbitrage Pricing
13. Arrow–Debreu Pricing, Part II
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
14. The Martingale Measure, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
15. The Martingale Measure, Part II
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
16. The Arbitrage Pricing Theory
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 5: Topics
17. Safe Asset Shortage
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
18. Portfolio Management in the Long Run
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
19. Discounting, the Dice Model as a CAPM
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
20. Sustainable Finance
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
21. Selected Topics in Corporate Finance
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
22. Financial Equilibrium with Di_erential Information
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Web Chapters include:
Web chapter 1 supplements to Chapter 1: The Solow Growth Model
Web chapter 2 supplements to Chapter 2: The European Financial Crisis
Web chapter 4 supplements to Chapter 4: Advanced Topics on Preferences
Web chapter 5 supplements to Chapter 5: Excessive Risk Taking and Under Risk Taking and Rabin’s argument
Web chapter 7 supplements to Chapter 7: More on the Demand for Assets and Ambiguity
Web chapter 8 supplements to Chapter 8: On Mean Reversion
Web chapter 11 supplements to Chapter 11: Proof of Theorem 11.2, Corollary 11.1, and More on Aggregation
Web chapter 12 supplements to Chapter 12: Complements on Bayesian Updating
Web chapter 13 supplements to Chapter 13: Option Theory: A Refresher
Web chapter 15 supplements to Chapter 15: An Intuitive Overview of Continuous Time Finance
Web chapter 16 supplements to Chapter 16: Total Factor Productivity Risk
Web chapter 17 supplements to Chapter 17: CCAPM and Bond Holding
Web chapter 18 supplements to Chapter 18: More on Variations on the Risk-Free Rate
Web chapter 19 supplements to Chapter 19: More on Weitzman and DICE
Web chapter 21 supplements to Chapter 21: Zero Net Present Value Investment
1. On the Role of Financial Markets and Institutions
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
2. Finance in the 21st Century: Crisis and Sustainability
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
3. The Challenges of Asset Pricing: A Road Map
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part Two: The Demand for Financial Assets
4. Making Choices in Risky Situations
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
5. Measuring Risk and Risk Aversion
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
6. Risk Aversion and Investment Decisions, Part I: Subtitle?
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
7. Risk Aversion and Investment Decisions, Part II: Modern Portfolio Theory
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
8. Risk Aversion and Investment Decisions, Part III: Challenges to Implementation
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 3: Equilibrium Pricing
9. The Capital Asset Pricing Model
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
10. Arrow–Debreu Pricing, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
11. The Consumption Asset Pricing Model, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
12. The Consumption Asset Pricing Model, Part II.
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 4: Arbitrage Pricing
13. Arrow–Debreu Pricing, Part II
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
14. The Martingale Measure, Part I
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
15. The Martingale Measure, Part II
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
16. The Arbitrage Pricing Theory
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Part 5: Topics
17. Safe Asset Shortage
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
18. Portfolio Management in the Long Run
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
19. Discounting, the Dice Model as a CAPM
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
20. Sustainable Finance
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
21. Selected Topics in Corporate Finance
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
22. Financial Equilibrium with Di_erential Information
Jean-Pierre Danthine, John B. Donaldson and Samuel Danthine
Web Chapters include:
Web chapter 1 supplements to Chapter 1: The Solow Growth Model
Web chapter 2 supplements to Chapter 2: The European Financial Crisis
Web chapter 4 supplements to Chapter 4: Advanced Topics on Preferences
Web chapter 5 supplements to Chapter 5: Excessive Risk Taking and Under Risk Taking and Rabin’s argument
Web chapter 7 supplements to Chapter 7: More on the Demand for Assets and Ambiguity
Web chapter 8 supplements to Chapter 8: On Mean Reversion
Web chapter 11 supplements to Chapter 11: Proof of Theorem 11.2, Corollary 11.1, and More on Aggregation
Web chapter 12 supplements to Chapter 12: Complements on Bayesian Updating
Web chapter 13 supplements to Chapter 13: Option Theory: A Refresher
Web chapter 15 supplements to Chapter 15: An Intuitive Overview of Continuous Time Finance
Web chapter 16 supplements to Chapter 16: Total Factor Productivity Risk
Web chapter 17 supplements to Chapter 17: CCAPM and Bond Holding
Web chapter 18 supplements to Chapter 18: More on Variations on the Risk-Free Rate
Web chapter 19 supplements to Chapter 19: More on Weitzman and DICE
Web chapter 21 supplements to Chapter 21: Zero Net Present Value Investment
ISBN:
9780443289026
Page Count:
696
Illustrations
:
Approx. 100 illustrations
Retail Price
:
Graduate students in Finance, Business, and Economics