Alexander Simon
Broschiertes Buch

CAPM vs Behavioral Finance

Risk and return: Does behavioral finance provide better explanations than the CAPM?

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Bachelor Thesis from the year 2007 in the subject Economics - Finance, grade: 7/10, Maastricht University, language: English, abstract: "The chance to win is overestimated by all people. The chance to lose is underestimated by most people." was already formulated by the moral philosopher and famous economist Adam Smith in his book "Wealth of Nations" in 1776. Two centuries later the behavioural economist Daniel Kahneman confirmed the notion that in situations with uncertainty people are inclined to biased decision-making. Actual tests of the CAPM on stock data confirmed that the market premium...