Financial Decisions and Markets

“John Campbell is one of the leading researchers and teachers in asset pricing. This remarkably clear and well-organized book is strong testimony to his expertise. I will use it often in my own research.”—Kenneth R. French, Dartmouth College
“John Campbell has given us the definitive course text on financial decision making and asset pricing. Every student and researcher in the field will want this masterful integration of decades of study on actual investor behavior and market equilibrium.”—Darrell Duffie, Stanford University
“John Campbell has long been a top researcher in the vibrant intersection of asset pricing and macroeconomics. This book provides an interesting and in-depth exposition of his take on the current state of this important area.”—Eugene Fama, University of Chicago Booth School of Business
“Written by a major contributor to the economics of financial markets, Financial Decisions and Markets is a comprehensive, insightful, and authoritative graduate-level introduction to asset pricing. This book stresses the interplay between theory, econometrics, and empirics, the hallmark of John Campbell’s research. The critical analysis and problem sets stimulate readers to confront open questions at the research frontier. I plan to adopt this book in my PhD-level course.”—George M. Constantinides, University of Chicago Booth School of Business

John Y. Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University. His books include The Econometrics of Financial Markets (Princeton) and Strategic Asset Allocation: Portfolio Choice for Long-Term Investors.

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