Inefficient Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inefficient Markets write by Andrei Shleifer. This book was released on 2000-03-09. Inefficient Markets available in PDF, EPUB and Kindle. 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.
Inefficient Markets
Inefficient Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inefficient Markets write by Andrei Shleifer. This book was released on 2000. Inefficient Markets available in PDF, EPUB and Kindle.
Inefficient Markets
Inefficient Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inefficient Markets write by Andrei Shleifer. This book was released on 2003. Inefficient Markets available in PDF, EPUB and Kindle.
Behavioral Finance
Behavioral Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Behavioral Finance write by Edwin T. Burton. This book was released on 2013-03-20. Behavioral Finance available in PDF, EPUB and Kindle. An in-depth look into the various aspects of behavioral finance Behavioral finance applies systematic analysis to ideas that have long floated around the world of trading and investing. Yet it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. That is why Edwin Burton has written Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates. Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Topics addressed include noise trader theory and models, research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and serial correlation patterns in stock price data. Along the way, Burton shares his own views on behavioral finance in order to shed some much-needed light on the subject. Discusses the Efficient Market Hypothesis (EMH) and its history, and presents the background of the emergence of behavioral finance Examines Shleifer's model of noise trading and explores other literature on the topic of noise trading Covers issues associated with anomalies and details serial correlation from the perspective of experts such as DeBondt and Thaler A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book In order to achieve better investment results, we must first overcome our behavioral finance biases. This book will put you in a better position to do so.
The Inefficient Stock Market
The Inefficient Stock Market - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Inefficient Stock Market write by Robert A. Haugen. This book was released on 2002. The Inefficient Stock Market available in PDF, EPUB and Kindle. Sparked with wit and humor, this clever and insightful book provides clear evidence that the stock market is inefficient. In the author's view, models based on rational economic behavior cannot explain important aspects of market behavior. The book tackles important issues in today's financial market in a highly conversational and entertaining manner that will appeal to most readers. Chapter topics include: estimating expected return with the theories of modern finance, estimating portfolio risk and expected return with ad hoc factor models, payoffs to the five families, predicting future stock returns with the expected-return factor model, super stocks and stupid stocks, the international results, the topography of the stock market, the positive payoffs to cheapness and profitability, the negative payoff to risk, and the forces behind the technical payoffs to price-history. For anyone who wants to learn more about today's financial markets.
