Hersh Shefrin

Beyond Greed and Fear

Understanding Behavioral Finance and the Psychology of Investing

• Broschiertes Buch

Produktbeschreibung

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.

Produktdetails

• Financial Management Association Survey and Synthesis Series
• Verlag: Oxford University Press
• Revised Edition
• Seitenzahl: 402
• Erscheinungstermin: Juni 2007
• Englisch
• Abmessung: 236mm x 156mm x 32mm
• Gewicht: 642g
• ISBN-13: 9780195304213
• ISBN-10: 0195304217
• Artikelnr.: 21549656

Autorenporträt

Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.

Inhaltsangabe

* 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

Rezensionen

This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies.-John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds