단행본
Inefficient Markets: An Introduction to Behavioral Finance
- 발행사항
- Oxford ; New York : Oxford University Press, 2000
- 형태사항
- viii, 216 p. : ill ; 23 cm
- 서지주기
- Includes bibliographical references (p. [198]-210) and index
소장정보
| 위치 | 등록번호 | 청구기호 / 출력 | 상태 | 반납예정일 |
|---|---|---|---|---|
이용 가능 (1) | ||||
| 자료실 | E206220 | 대출가능 | - | |
이용 가능 (1)
- 등록번호
- E206220
- 상태/반납예정일
- 대출가능
- -
- 위치/청구기호(출력)
- 자료실
책 소개
The 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.
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.
목차
Title Pages
Dedication
Acknowledgments
1 Are Financial Markets Efficient?
2 Noise Trader Risk in Financial Markets
3 The Closed End Fund Puzzle
4 Professional Arbitrage
5 A Model of Investor Sentiment
6 Positive Feedback Investment Strategies
7 Open Problems
Bibliography
Index