On the paradigm shift of asset pricing models, before and after the global financial crisis: a literature review

This is a literature review on the paradigm shift of asset pricing of the mainstream and other trends, from the beginning of the xx century to date, by considering two periods: before and after the global financial crisis of 2007-2009. The first period shows inconsistencies between agent’s behaviors in the asset pricing mainstream modeling. The second period includes Fin Tech for determining patterns of agent’s behaviors allowing big data mining at any level of aggregation, either micro or macro, and machine learning, a statistical technique that give computer systems the ability to learn from data.