Asset Pricing WS 2023

General Remarks

The course will be offered in the classroom. Further information and downloads will be made available on Moodle.

Course Outline

Introduction: finance basics

The stochastic discount factor

Factor pricing models

Aggregate stock price behavior

Rationality and behavioral financentroduction: finance basics


  • John Cochrane: Asset Pricing, 2005, revised edition, in particular: chapters 1 (not 1.5), 9 (only 9.1), 12 (only 12.3), 20, 21 (21.1). The 1st edition will do but check out the typo list for the 1st edition on Cochrane's homepage.
  • Papers from the reading list, which you will find in the slides.


First lecture on Monday, October 16, at 16:15.


Prof. Dr.  Gunter Löffler



Dates and Room

Mondays, 16:15 - 17:45, in H14

Thursdays, 14:15 - 15:45, in H14

Module description

This lecture is open for

  • Finance (MSc)
  • Wiwi (MSc)
  • WiMa (MSc)
  • WiPhy (MSc)

and others according to study plan.