Beyond Greed and Fear Understanding Behavioral Finance and the Psychology of Investing

ISBN-10: 0195304217
ISBN-13: 9780195304213
Edition: 2007
Authors: Hersh Shefrin
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Description: This book provides a comprehensive treatment of behavioural finance. With the use of the latest psychological research, Shefrin helps us to understand the human behaviour that guides stock selection, financial services, and corporate financial  More...

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Book details

List price: $20.95
Copyright year: 2007
Publisher: Oxford University Press, Incorporated
Publication date: 5/16/2007
Binding: Paperback
Pages: 368
Size: 6.00" wide x 9.25" long x 1.25" tall
Weight: 1.232
Language: English

This book provides a comprehensive treatment of behavioural finance. With the use of the latest psychological research, Shefrin helps us to understand the human behaviour that guides stock selection, financial services, and corporate financial strategy. He argues that financial practitioners must acknowledge and understand behavioural finance - the application of psychology to financial behaviour - in order to avoid many of the investment pitfalls caused by human error. Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors.

Hersh Shefrin holds the Mario L. Belotti Chair in the Department of Finance at Santa Clara University's Leavey School of Business. He is a pioneer of behavioral finance, and has worked on behavioral issues for over thirty years. A Behavioral Approach to Asset Pricing is the first behavioral treatment of the pricing kernel. His book Behavioral Corporate Finance is the first textbook dedicated to the application of behavioral concepts to corporate finance. His book Beyond Greed and Fear was the first comprehensive treatment of the field of behavioral finance. A 2003 article appearing in The American Economic Review included him among the top fifteen theorists to have influenced empirical work in microeonomics. One of his articles is among the all time top ten papers to be downloaded from SSRN. He holds a Ph.D. from the London School of Economics, and an honorary doctorate from the University of Oulu in Finland.

Preface Part I: What Is Behavioral Finance 1. Introduction 2. Heuristic-Driven Bias: The First Theme 3. Frame Dependence: The Second Theme 4. Inefficient Markets: The Third Theme Part II: Prediction 5. Trying to Predict the Market 6. Sentimental Journey: The Illusion of Validity 7. Picking Stocks to Beat the Market 8. Biased Reactions to Earnings Announcements Part III: Individual Investors 9. "Get-Evenitis": Riding Losers Too Long 10. Portfolios, Pyramids, Emotions, and Biases 11. Retirement Saving: Myopia and Self-Control Part IV: Institutional Investors 12. Open-Ended Mutual Funds: Misframing, "Hot Hands", and Obfuscation Games 13. Closed-End Funds: What Drives Discounts? 14. Fixed Income Securities: The Full Measure of Behavioral Phenomena 15. The Money Management Industry: Framing Effects, Style "Diversification", and Regret Part V: The Interface between Corporate Finance and Investment 16. Corporate Takeovers and the Winner's Curse 17. IPOs: Initial Underpricing, Long-term Underperformance, and "Hot-Issue" Markets 18. Optimism in Analysts' Earnings Predictions and Stock Recommendations Part VI: Options, Futures, and Foreign Exchange 19. Options: How They're Used, How They're Priced, and How They Reflect Sentiment 20. Commodity Futures: Orange Juice and Sentiment 21. Excessive Speculation in Foreign Exchange Markets Final Remarks Notes References Credits Index

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