Inefficient markets An introduction to behavioral finance
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 f...
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| Language: | Undetermined English |
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Oxford,New York
Oxford University Press
2000
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| Institutions: | Trung tâm Học liệu Trường Đại học Trà Vinh |
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| Summary: | 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 |
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| Physical Description: | viii, 216 p. ill. 23 cm |
| ISBN: | 0198292279 9780198292272 |