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Inefficient Markets: An Introduction to Behavioral Finance

Andrei Shleifer

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.001.0001
Subject:
Economics and Finance, Financial Economics

This book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, ... More


Introduction

Hersh Shefrin

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

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0001
Subject:
Economics and Finance, Financial Economics

Behavioral finance consists of three themes: (1) heuristic‐driven bias; (2) frame dependence; and (3) inefficient markets. These themes are ubiquitous and germane, touching every corner of the ... More


The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory

Roman Frydman and Michael D. Goldberg

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the imperfect knowledge imperative in modern macroeconomics and finance theory. It argues that the Rational Expectations Hypothesis (REH) has nothing to do with how even ... More


Open Problems

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0007
Subject:
Economics and Finance, Financial Economics

Summarises some of the successes of behavioural finance and shows how this field can inform the analysis of broader questions in economics. It begins with some of the open issues in security ... More


Are Financial Markets Efficient?

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0001
Subject:
Economics and Finance, Financial Economics

Assesses the idea of efficient financial markets. It evaluates the theoretical and empirical foundations of the efficient markets hypothesis, emphasising the cracks that have emerged in them. Special ... More


People and the Psychology of Pension Fund Decisions

August Baker, Dennis E. Logue, and Jack S. Rader

in Managing Pension and Retirement Plans: A Guide for Employers, Administrators, and Other Fiduciaries

Published in print:
2004
Published Online:
July 2005
ISBN:
9780195165906
eISBN:
9780199835508
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019516590X.003.0020
Subject:
Economics and Finance, Financial Economics

Pension fund decision makers must make complex decisions — decisions that are made in a such way that maximizes a sound objective function (such as maximizing the probability that promised benefits ... More


Playing at Acquisitions: Behavioral Option Games

Han Smit and Thras Moraitis

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691140001
eISBN:
9781400852178
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140001.001.0001
Subject:
Business and Management, Knowledge Management

It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new ... More


The Future of Behavioral Finance

Michael Dowling and Brian Lucey

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0030
Subject:
Economics and Finance, Financial Economics

The future of behavioral finance necessitates that the research areas of behavioral corporate finance and investor psychology develop richer models of financial decision-making behavior. Behavioral ... More


Practical Challenges of Implementing Behavioral Finance: Reflections from the Field

Greg B. Davies and Peter Brooks

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0029
Subject:
Economics and Finance, Financial Economics

Behavioral finance is useful only if it can be applied to help people make better decisions. This chapter offers reflections on the good, bad, and ugly of practical applications of behavioral finance ... More


Introduction

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0001
Subject:
Economics and Finance, Financial Economics

The mean‐variance paradigm has the strong implication that all investors should hold risky assets in the same proportion. Financial planners typically advise conservative investors to tilt their ... More


Understanding Financial Market Failures

RAJ AGGARWAL

in International Finance: A Survey

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199754656
eISBN:
9780199979462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199754656.003.0028
Subject:
Economics and Finance, Financial Economics, International

Most industrialized countries suffered a major breakdown of financial markets and systems during the period 2007 to 2009. This chapter reviews the causes and consequences of this financial market ... More


Financial Behavior: An Overview

H. Kent Baker, Greg Filbeck, and Victor Ricciardi

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0001
Subject:
Economics and Finance, Financial Economics

Financial behavior is a complex subject because how people should behave according to traditional finance often differs from how they actually behave. Although traditional and behavioral finance play ... More


The Closed End Fund Puzzle

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0003
Subject:
Economics and Finance, Financial Economics

Begins by describing the closed end fund puzzle and enumerating some of the standard accounts that have been used to explain it. Then, applying the model developed in the previous chapter, the author ... More


Portfolio Theory and Management: An Overview

H. Kent Baker and Greg Filbeck

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0001
Subject:
Economics and Finance, Financial Economics

This chapter provides an overview of portfolio theory and management. It discusses the three major steps in the portfolio management process—planning, execution, and feedback—and the key tasks ... More


The Psychology of Speculation in the Financial Markets

Victor Ricciardi

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0026
Subject:
Economics and Finance, Financial Economics

This chapter discusses the role of speculation in the financial markets that influences individual and group behavior in the form of bubbles and crashes. The chapter highlights behavioral finance ... More


Financial Innovation: Too Much or Too Little?

Michael Haliassos (ed.)

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.001.0001
Subject:
Economics and Finance, Financial Economics

This collective volume is about financial innovation, its history, and its potential to cause or to prevent financial crises. In assigning blame for the recent economic crisis, many have pointed to ... More


The Financial Psychology of Players, Services, and Products

Victor Ricciardi

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter provides an overview of the emerging cognitive and emotional themes of behavioral finance that influence individual behavior. The behavioral finance perspective of risk incorporates both ... More


Behavioral Risk

M. Martin Boyer, Franca Glenzer, and Samuel Ouzan

in Investment Risk Management

Published in print:
2015
Published Online:
January 2015
ISBN:
9780199331963
eISBN:
9780190214098
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199331963.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter examines how behavioral factors influence financial decision processes. It takes a behavioral perspective to explain phenomena in financial markets that the neoclassical view of ... More


Behavioral Aspects of Portfolio Investments

Nathan Mauck

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0021
Subject:
Economics and Finance, Financial Economics

Investors are inextricably linked to financial institutions, money managers, and the products they market. Mutual funds, exchange-traded funds (ETFs), hedge funds, and pension funds manage or hold ... More


Applications of Client Behavior: A Practitioner’s Perspective

Harold Evensky

in Financial Behavior: Players, Services, Products, and Markets

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190269999
eISBN:
9780190270025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190269999.003.0028
Subject:
Economics and Finance, Financial Economics

This chapter reviews various behavioral concepts and strategies to help clients avoid behavioral errors, with the result of increasing the probability of a successful plan design and implementation. ... More


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