Inefficient Markets. An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Taschenbuch) von Andrei Shleifer Synopsis: 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. Rezensionen ansehen...   Angebote zu  Inefficient ,  Markets ,  Introduction  ab 1 Euro! Siehe auch folgende Artikel: Irrational Exuberance von Robert J. Shiller Why Smart People Make Big Money Mistakes - And How to Correct Them: Lessons from the New Science of Behavioral Economics: Lessons from the New Science of Behavioural Economics von Gary Belsky Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (Financial Management Association Survey and Synthesis) von Hersh Shefrin The Winner's Curse: Paradoxes and Anomalies of Economic Life von Richard H. Thaler Mehr zu  Theory,  Finance,  Business & Investing,  Investing,  Popular Economics,  Finance Home ...,    Verwandte produkte ...,    Begleitseite ... Herausgeber dieser Seite ist DomainLoc.com GmbH - Partner von Amazon.de Copyright © DomainLoc.com GmbH (Impressum)