- We will send in 10–14 business days.
/images/books/2891288/9780198292272.jpg)
- Author: Andrei Shleifer
- Publisher: Oxford University Press, USA
- ISBN-10: 0198292279
- ISBN-13: 9780198292272
- Format: 13.9 x 21.6 x 1.3 cm, softcover
- Language: English
- SAVE -10% with code: EXTRA
Reviews
Description
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.
EXTRA 10 % discount with code: EXTRA
The promotion ends in 17d.11:53:06
The discount code is valid when purchasing from 10 €. Discounts do not stack.
- Author: Andrei Shleifer
- Publisher: Oxford University Press, USA
- ISBN-10: 0198292279
- ISBN-13: 9780198292272
- Format: 13.9 x 21.6 x 1.3 cm, softcover
- Language: English English
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.
Reviews