Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics)

Shleifer, Andrei

ISBN 10: 0198292279 / ISBN 13: 9780198292272

Verlag: Oxford University Press, 2000

Cover/Case has some rubbing and edgewear. Access codes, CDs, slipcovers and other accessories may not be included. Bestandsnummer des Verkäufers 2Y6JCK00ADI7_ns

Inhaltsangabe:

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.

Über die Autorin bzw. den Autor: Andrei Shleifer is professor of Economics at Harvard University.

Bibliografische Details

Titel: Inefficient Markets: An Introduction to ...
Verlag: Oxford University Press
Erscheinungsdatum: 2000
Einband: Softcover
Zustand: Good