Inefficient Markets: An Introduction to Behavioral Finance

Inefficient Markets: An Introduction to Behavioral Finance

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Paperback, Oxford Univ Pr, 2000, ISBN13 9780198292272, ISBN10 0198292279
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INEFFICIENT MARKETS

About this item

Important Made in USA Origin Disclaimer: For certain items sold by Walmart on Walmart.com, the displayed country of origin information may not be accurate or consistent with manufacturer information. For updated, accurate country of origin data, it is recommended that you rely on product packaging or manufacturer information.

INEFFICIENT 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.

Specifications

Number of Pages: 224
Original Languages: English
Subject: ECONOMICS
Author: Shleifer, Andrei
Target Audience: C
Series Title: Clarendon Lectures in Economics
Book Format: Paperback
Publisher: Oxford Univ Pr
ISBN-13: 9780198292272
Assembled Product Dimensions (L x W x H): 5.25 x 8.25 x 0.50 Inches
ISBN-10: 0198292279
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