"The thoughtful way in which the book is organized, the connectivesections, and the fullness of this remarkable scholar'saccomplishments, succeed in making this collection into a watershedevent in finance. It is a testament to how much of modern financehe has formulated, advanced, and, in a meaningful sense, brought toa satisfactory completeness. Modern finance has much to do, but itcan do no better than to add to what Merton has already done, and Irecommend this book to all who wish to learn what finance has beenup to for the past two decades." Stephen Ross, Journal ofFinance
<!--end-->"I do not see how one can undertake research inintertemporal asset-pricing under uncertainty without studying verycarefully the past and present work of Robert C. Merton.Accordingly, Basil Blackwell has done the academic and non-academicfinance community a great service by publishing this book."Michael Selby, The Economic Journal
"A coherent text that represents a bible on continuous-timefinance. Anyone with an interest in financial economics will beaware of the outstanding achievements of Robert C. Merton. To theseindividuals the book will come as no disappointment. It willundoubtedly be a classic reference on continuous-time finance formany years to come." The Manchester School
"John Maynard Keynes alludes to economics in the following terms...'the delightful paths of our own most agreeable branch of moralsciences, in which theory and fact, intuitive imagination andpractical judgment, are blended in a manner comfortable to thehuman intellect.' Robert C. Merton's Continuous-timeFinance, which comes to us more than 20 years after his firstpaper appeared, squarely fits this description." SureshSundaresan, Columbia University, The Review of FinancialStudies
From the Back Cover
Robert C. Merton's
widely-used text provides an overview andsynthesis of finance theory from the perspective of continuous-timeanalysis. It covers individual financial choice, corporate finance,financial intermediation, capital markets, and selected topics onthe interface between private and public finance. For this revisededition a new section on managing university endowments has beenadded.
The book begins with a foreword by Paul Samuelson.