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INEFFICIENT MARKETS: AN INTRODUCTION TO BEHAVIORAL FINANCE

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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.

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Availability

10013091	332.6 SHL i	RLC MM (Rak Buku Wajib)	Available
10013092	332.6 SHL i (1)	RLC MM (Rak Buku Wajib)	Available
10013093	332.6 SHL i (2)	RLC MM (Rak Buku Wajib)	Available
10013094	332.6 SHL i (3)	RLC MM (Rak Buku Wajib)	Available

Detail Information

Series Title

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Statement of Responsibility

Andrei Shleifer

Call Number

332.6 SHL i

Publisher

New York : Oxford University Press., 2003

Collation

viii, 216 p. : ill. ; 21 cm.

Language

English

ISBN/ISSN

978-0-19-829227-9

Classification

332.6

Content Type

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Edition

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Subject(s)

Buku Wajib
Business Investments
Theory of Economics
Introduction to Investing

Specific Detail Info

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