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Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) - Hardcover
Synopsis
The 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...
About the Author
Andrei Shleifer is professor of Economics at Harvard University.
Review
"An excellent academic discussion of [stock mispricing] and other behavioral influences in the stock market."--Jeff Madrick, New York Review of Books
"The only advanced undergraduate or graduate text available on the subject."--Jeffrey Wurgler, Yale School of Management
"About this title" may belong to another edition of this title.
- PublisherOxford University Press
- Publication date2000
- ISBN 10 0198292287
- ISBN 13 9780198292289
- BindingHardcover
- LanguageEnglish
- Edition number1
- Number of pages224
- Rating
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Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics)
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Oxford University Press, 2000
ISBN 10: 0198292287
ISBN 13: 9780198292289
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Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics)
Published by
Oxford University Press, 2000
ISBN 10: 0198292287
ISBN 13: 9780198292289
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Inefficient Markets : An Introduction to Behavioral Finance
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ISBN 10: 0198292287
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Inefficient Markets (Hardcover)
Published by
Oxford University Press, Oxford, 2000
ISBN 10: 0198292287
ISBN 13: 9780198292289
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Hardcover. Condition: new. Hardcover. The 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 ofinvestor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade againstarbitrageurs 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 stocksincluded 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. The Efficient Markets Hypothesis has been the central proposition of finance for nearly thirty years. This book presents an alternative view of financial markets: behavioural finance. Shleifer demonstrates the oversimplification of EMH both in the assumption of perfect rationality and the failure of arbitrage to adjust prices correctly. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability. Seller Inventory # 9780198292289
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