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Inefficient Markets

- An Introduction to Behavioral Finance
Af: Andrei Shleifer Engelsk Paperback

Inefficient Markets

- An Introduction to Behavioral Finance
Af: Andrei Shleifer Engelsk Paperback
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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.
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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.
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Produktdetaljer
Sprog: Engelsk
Sider: 224
ISBN-13: 9780198292272
Indbinding: Paperback
Udgave:
ISBN-10: 0198292279
Kategori: Økonomisk teori og filosofi
Udg. Dato: 9 mar 2000
Længde: 65mm
Bredde: 137mm
Højde: 217mm
Forlag: Oxford University Press
Oplagsdato: 9 mar 2000
Forfatter(e): Andrei Shleifer
Forfatter(e) Andrei Shleifer

Kategori Økonomisk teori og filosofi

ISBN-13 9780198292272

Sprog Engelsk

Indbinding Paperback

Sider 224

Udgave

Længde 65mm

Bredde 137mm

Højde 217mm

Udg. Dato 9 mar 2000

Oplagsdato 9 mar 2000

Forlag Oxford University Press

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