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Advances in Behavioral Finance by Russell Sage Foundation (Paperback, 1993)

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Modern financial markets offer the real world's best approximation to the idealized price auction market envisioned in ecomic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories. These markets amalies have spawned a new approach to finance, one which as editor Richard Thaler puts it, entertains the possibility that some agents in the ecomy behave less than fully rationally some of the time. Advances in Behavioral Finance collects together twenty-one recent articles that illustrate the power of this approach. These papers demonstrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phemena. To take several examples, Werner De Bondt and Thaler find an explanation for superior price performance of firms with poor recent earnings histories in the tendencies of investors to overreact to recent information. Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers, who fail to recognize the contributions of chance to their past successes. Andrei Shleifer and Robert Vishny show how the difficulty of establishing a reliable reputation for correctly assessing the value of long term capital projects can lead investment analysis, and hence corporate managers, to focus myopically on short term returns. As a testing ground for assessing the empirical accuracy of behavioral theories, the successful studies in this landmark collection reach beyond the world of finance to suggest, very powerfully, the importance of pursuing behavioral approaches to other areas of ecomic life. Advances in Behavioral Finance is a solid beachhead for behavioral work in the financial arena and a clear promise of wider application for behavioral ecomics in the future.

Product Identifiers

Publisher
Russell Sage Foundation
ISBN-10
0871548445
ISBN-13
9780871548443
eBay Product ID (ePID)
105769410

Product Key Features

Format
Paperback
Language
English
Subject
Finance & Accounting

Additional Product Features

Place of Publication
New York
Edited by
Richard H. Thaler
Content Note
Illustrations
Author Biography
RICHARD H. THALER is Henrietta Johnson Louis Professor of Economics, and director of the Center for Behavioral Economics and Decision Research, Johnson Graduate School of Management, Cornell University. CONTRIBUTORS: Lawrence M. Ausubel, Victor L. Bernard, Fischer Black, Navin Chopra, David M. Cutler, Werner F. M. De Bondt, J. Bradford De Long, Jeffrey A. Frankel, Kenneth R. French, Kenneth A. Froot, Josef Lakonishok, Charles M. C. Lee, James M. Poterba, Jay R. Ritter, Richard Roll, Hersh M. Shefrin, Robert J. Shiller, Andrei Shleifer, Meir Statman, Jeremy Stein, Lawrence H. Summers, Richard H. Thaler, Robert W. Vishny, and Robert J. Waldmann
Date of Publication
01/08/1993
Country of Publication
United States

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item 1 Advances in Behavioral Finance: Volume 1 (The Roundt...
AU $25.05
Free postage
item 2 Advances In Behavioral Finance (Volume 1) (The Roundtable Series In Behavioral E
AU $93.26
Free postage

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Picture 1 of 1

Advances in Behavioral Finance by Russell Sage Foundation (Paperback, 1993)

About this product

Product Information

Product Identifiers

Product Key Features

Additional Product Features

All listings for this product

item 1 Advances in Behavioral Finance: Volume 1 (The Roundt...

item 2 Advances In Behavioral Finance (Volume 1) (The Roundtable Series In Behavioral E

Best Selling in Adult Learning & University

Eduqas GCSE (9-1) Religious Studies Route B: Catholic Christianity and Judaism by Deirdre Cleary, Andrew Barron, Joy White, Patrick Harrison (Paperback, 2017)

Australian Guidebook for Structural Engineers by Lonnie Pack (Paperback, 2019)

Taking Charge of Adult ADHD by Christine M. Benton, Russell A. Barkley (Paperback, 2021)

Time Management by Peter Quarry (Paperback, 1986)

Save on Adult Learning & University

Weed Forager's Handbook: A Guide to Edible and Medicinal Weeds in Australia by A

Netter Atlas of Human Anatomy: Classic Regional Approach

Havard's Nursing Guide to Drugs

Classical Mechanics: The Theoretical Minimum by George Hrabovsky

NEW Learn to Earn By Peter Lynch Paperback Free Shipping

Steven Holzner Physics Essentials For Dummies (Paperback)

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