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Clarendon Lectures in Economics Ser.: Inefficient Markets : An Introduction to Behavioral Finance by Andrei Shleifer (2000, Trade Paperback)
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Author: Shleifer, Andrei. Publication Year: 2000. Book is in New Condition. Never Read/Used. Text will be unmarked and pages crisp. Representatives are here to assist you. Binding: Paperback. Number Of Pages: 224.
- Buy It NowINEFFICIENT MARKETS: AN INTRODUCTION TO BEHAVIORAL FINANCE By Andrei Shleifer
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About this product
Product Identifiers
PublisherOxford University Press, Incorporated
ISBN-100198292279
ISBN-139780198292272
eBay Product ID (ePID)1650259
Product Key Features
Number of Pages224 Pages
LanguageEnglish
Publication NameInefficient Markets : an Introduction to Behavioral Finance
SubjectFinance / General, Economics / General
Publication Year2000
TypeTextbook
Subject AreaBusiness & Economics
AuthorAndrei Shleifer
SeriesClarendon Lectures in Economics Ser.
FormatTrade Paperback
Dimensions
Item Height0.5 in
Item Weight10.1 Oz
Item Length8.5 in
Item Width5.4 in
Additional Product Features
Intended AudienceCollege Audience
Reviews"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, "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, "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
Dewey Edition21
IllustratedYes
Dewey Decimal332.6
Table Of ContentAre Financial Markets Efficient?Noise Trader Risk in Financial MarketsThe Closed-End Fund PuzzleProfessional ArbitrageA Model of Investor SentimentPositive Feedback Investment StrategiesOpen Problems
SynopsisThe Efficient Markets Hypothesis has been the central proposition of finance for nearly thirty years. This book, by one of the foremost US economists, presents an alternative view of financial markets: behavioral finance. Shleifer demonstrates the oversimplification of EMH both in the common assumption of perfect rationality and the failure of arbitrage to adjust prices correctly. By also detailing the empirical failings of EMH, this books makes a significant contribution to the future direction of financial theory., 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 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., 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 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 models of such markets. These models explain the available financial data more accurately than the efficient markets hypothesis, and generate new predictions about security prices. 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.
LC Classification NumberHG4515
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