An Introduction to Behavioral Finance
By (author) Andrei Shleifer
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Inefficient Markets by Andrei Shleifer
Book DescriptionThe efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
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Book DetailsISBN: 9780198292272
(216mm x 138mm x 13mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 9-Mar-2000
Country of Publication: United Kingdom
Books By Author Andrei Shleifer
Grabbing Hand, Paperback (September 2002)
Andrei Shleifer and Robert Vishny describe the many pathologies of "grabbing hand" government, and examine their consequences for growth. The essays share a common viewpoint - that political control of economic life is central to the many government failures that have been observed.
Without a Map, Paperback (October 2001)
A balanced look at Russia's attempts to build capitalism on the ruins of Soviet central planning.
Inefficient Markets, Hardback (March 2000)» View all books by Andrei Shleifer
'The Efficient Markets Hypothesis' has been the central proposition of finance for nearly 30 years. This book presents an alternative view of financial markets: behavioural finance. Shleifer demonstrates the oversimplification of EMH both in the common assumption of perfect rationality and the failure of arbitrage to adjust prices correctly.
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Author Biography - Andrei Shleifer
Andrei Shleifer is Professor of Economics at Harvard University
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