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Author : Andrei Shleifer
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (475 download)
Download or read book Inefficient Markets written by Andrei Shleifer and published by . This book was released on 2000 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gian Maria Tomat
Publisher : Springer Nature
ISBN 13 : 3031368363
Total Pages : 168 pages
Book Rating : 4.0/5 (313 download)
Download or read book Financial Markets Efficiency and Economic Behaviour written by Gian Maria Tomat and published by Springer Nature. This book was released on 2023-09-30 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the efficient markets hypothesis from a behavioural finance perspective looking at the stock markets of the five largest Euro economies. It covers some key areas in finance, including efficient markets, equity premium, dividend ratio model, yield curve and term structure, all of which are concepts used to analyse pricing and other behaviour in financial markets. The book studies the term structure of interest rates describing formalizations for zero-coupon and coupon bonds and evaluates results regarding static spot rate and dynamic forward rate regressions for the Euro area. Additionally, it examines the equity premium exploiting variation in stock market returns in both time series and cross-section dimensions, and will be of interest to academics, researchers, and students of financial economics, financial markets, and behavioural finance.
Author : Simone Polillo
Publisher : Cornell University Press
ISBN 13 : 1501750380
Total Pages : 134 pages
Book Rating : 4.5/5 (17 download)
Download or read book The Ascent of Market Efficiency written by Simone Polillo and published by Cornell University Press. This book was released on 2020-08-15 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Ascent of Market Efficiency weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the influential efficient-market hypothesis—which states that the behavior of financial markets is unpredictable. As the notorious quip goes, a blindfolded monkey would do better than a group of experts in selecting a portfolio of securities, simply by throwing darts at the financial pages of a newspaper. How did such a hypothesis come to be so influential in the field of financial economics? How did financial economists turn a lack of evidence about systematic patterns in the behavior of financial markets into a foundational approach to the study of finance? Each chapter in Simone Polillo's fascinating meld of economics, science, and sociology focuses on these questions, as well as on collaborative academic networks, and on the values and affects that kept the networks together as they struggled to define what the new field of financial economics should be about. In doing so, he introduces a new dimension—data analysis—to our understanding of the ways knowledge advances. There are patterns in the ways knowledge is produced, and The Ascent of Market Efficiency helps us make sense of these patterns by providing a general framework that can be applied equally to other social and human sciences.
Author : Andrei Shleifer
Publisher : OUP Oxford
ISBN 13 : 0191606898
Total Pages : 225 pages
Book Rating : 4.1/5 (916 download)
Download or read book Inefficient Markets written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Author : Edwin T. Burton
Publisher : John Wiley & Sons
ISBN 13 : 111830019X
Total Pages : 261 pages
Book Rating : 4.1/5 (183 download)
Download or read book Behavioral Finance written by Edwin T. Burton and published by John Wiley & Sons. This book was released on 2013-03-18 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look into the various aspects of behavioral finance Behavioral finance applies systematic analysis to ideas that have long floated around the world of trading and investing. Yet it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. That is why Edwin Burton has written Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates. Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Topics addressed include noise trader theory and models, research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and serial correlation patterns in stock price data. Along the way, Burton shares his own views on behavioral finance in order to shed some much-needed light on the subject. Discusses the Efficient Market Hypothesis (EMH) and its history, and presents the background of the emergence of behavioral finance Examines Shleifer's model of noise trading and explores other literature on the topic of noise trading Covers issues associated with anomalies and details serial correlation from the perspective of experts such as DeBondt and Thaler A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book In order to achieve better investment results, we must first overcome our behavioral finance biases. This book will put you in a better position to do so.
Author : Emil Dinga
Publisher : Taylor & Francis
ISBN 13 : 1000609731
Total Pages : 299 pages
Book Rating : 4.0/5 (6 download)
Download or read book Financial Market Analysis and Behaviour written by Emil Dinga and published by Taylor & Francis. This book was released on 2022-07-06 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the functioning of financial markets, in particular the financial market model, and modelling. More specifically, the book provides a model of adaptive preference in the financial market, rather than the model of the adaptive financial market, which is mostly based on Popper's objective propensity for the singular, i.e., unrepeatable, event. As a result, the concept of preference, following Simon's theory of satisficing, is developed in a logical way with the goal of supplying a foundation for a robust theory of adaptive preference in financial market behavior. The book offers new insights into financial market logic, and psychology: 1) advocating for the priority of behavior over information - in opposition to traditional financial market theories; 2) constructing the processes of (co)evolution adaptive preference-financial market using the concept of fetal reaction norms - between financial market and adaptive preference; 3) presenting a new typology of information in the financial market, aimed at proving point (1) above, as well as edifying an explicative mechanism of the evolutionary nature and behavior of the (real) financial market; 4) presenting sufficient, and necessary, principles or assumptions for developing a theory of adaptive preference in the financial market; and 5) proposing a new interpretation of the pair genotype-phenotype in the financial market model. The book's distinguishing feature is its research method, which is mainly logically rather than historically or empirically based. As a result, the book is targeted at generating debate about the best and most scientifically beneficial method of approaching, analyzing, and modelling financial markets.
Author : Emil Dinga
Publisher : Springer Nature
ISBN 13 : 3031317025
Total Pages : 331 pages
Book Rating : 4.0/5 (313 download)
Download or read book Economic and Financial Market Behaviour written by Emil Dinga and published by Springer Nature. This book was released on 2023-08-07 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the interplay between financial markets, economic systems, and society. Through introducing the concept of autopoiesis, based on the newly conceived Autopoietic Market Hypothesis, ideas of evolution are applied to financial markets to highlights the ways in which economic systems change as they are subject to social selection. By placing this perspective on financial markets, economic development and flows are seen as part of a living system that is influenced by social and political trends. Ideas of integral utility, the logical model of autopoietic financial markets, economic fitness, and the mutation of economic markets are also discussed. This book presents a new and distinctive perspective on financial markets and economic systems. It will be of interest to students, researchers, and policymakers working within financial economics.
Author : Andrei Shleifer
Publisher : OUP Oxford
ISBN 13 : 9780198292272
Total Pages : 224 pages
Book Rating : 4.2/5 (922 download)
Download or read book Inefficient Markets:An Introduction to Behavioral Finance written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies.This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empiricallyevaluates models of such inefficient markets.Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance,the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Author : Emilio Barucci
Publisher : Springer Science & Business Media
ISBN 13 : 1447100891
Total Pages : 473 pages
Book Rating : 4.4/5 (471 download)
Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.
Author : Andrew W. Lo
Publisher : Princeton University Press
ISBN 13 : 069119680X
Total Pages : 504 pages
Book Rating : 4.6/5 (911 download)
Download or read book Adaptive Markets written by Andrew W. Lo and published by Princeton University Press. This book was released on 2019-05-14 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Author : Michael Frömmel
Publisher : BoD – Books on Demand
ISBN 13 : 3750437734
Total Pages : 378 pages
Book Rating : 4.7/5 (54 download)
Download or read book Finance 2: Asset Allocation and Market Efficiency written by Michael Frömmel and published by BoD – Books on Demand. This book was released on 2023-03-22 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This books builds on 'Finance 1: Portfolio Theory and Management'. Both volumes are linked through the asset allocation process. While Finance 1 focuses on portfolio theory and strategic asset allocation, Finance 2 deals with tactical asset allocation and market efficiency. We start by reviewing the asset allocation process, market timing and the approach by Black and Litterman. Section 2 deals with the predictability of prices, including technical analysis and momentum. Turning to factors that may cause the predictability - if there is any - we discuss models from behavioural finance. The subsequent section deals with bubbles and herd behaviour, before we cover market microstructure and its implications. The book's last section deals with price manipulation as a cause for inefficiencies.
Author : Shinsuke Ikeda
Publisher : Springer
ISBN 13 : 4431555013
Total Pages : 669 pages
Book Rating : 4.4/5 (315 download)
Download or read book Behavioral Interactions, Markets, and Economic Dynamics written by Shinsuke Ikeda and published by Springer. This book was released on 2015-09-12 with total page 669 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects important contributions in behavioral economics and related topics, mainly by Japanese researchers, to provide new perspectives for the future development of economics and behavioral economics. The volume focuses especially on economic studies that examine interactions of multiple agents and/or market phenomena by using behavioral economics models. Reflecting the diverse fields of the editors, the book captures broad influences of behavioral economics on various topics in economics. Those subjects include parental altruism, economic growth and development, the relative and permanent income hypotheses, wealth distribution, asset price bubbles, auctions, search, contracts, personnel management and market efficiency and anomalies in financial markets. The chapter authors have added newly written addenda to the original articles in which they address their own subsequent works, supplementary analyses, detailed information on the underlying data and/or recent literature surveys. This will help readers to further understand recent developments in behavioral economics and related research.
Author : Rui M.C. Guimaraes
Publisher : Springer Science & Business Media
ISBN 13 : 3642747418
Total Pages : 799 pages
Book Rating : 4.6/5 (427 download)
Download or read book A Reappraisal of the Efficiency of Financial Markets written by Rui M.C. Guimaraes and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 799 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of market prices is a fascinating subject for researchers. Opinions vary substantially. from the view that prices accurately and quickly reflect relevant information to the other extreme that prices are not rationally determined and are hence to some degree predictable. This diversity of belief about the efficiency of markets is reflected in these proceedings of the NATO Advanced Research Workshop on "A reappraisal of the efficiency of financial markets". The thirty-one workshop papers cover stock. currency and commodity markets. We are pleased to have contributions on markets in eleven NATO countries: Belgium. Canada. Denmark. France. Germany. Greece. Italy. the Netherlands. Portugal. the United Kingdom and the United States. The workshop papers thus provide a wide-ranging account of contemporary research into financial markets worldwide. The workshop was held at the Hotel do Mar. Sesimbra. Portugal from April 11 th to April 15th. 1988. We record our gratitude to Jose Cabral for ensuring the smooth progress of the workshop. The generous financial assistance of NATO was supplemented by contributions from: The Chicago Board of Trade. Alianca Seguradora. Banco Comercial Portugues. Fundacao Luso-Americana Para 0 Desenvolvimento. Junta Nacional de Investigacao Cientifica e Tecnologica. We speak for all the workshop participants in expressing our thanks to all our sponsors. Rui M. Campos Guimaraes. University of Porto.
Author : Brian Kettell
Publisher : Elsevier
ISBN 13 : 0080494633
Total Pages : 384 pages
Book Rating : 4.0/5 (84 download)
Download or read book Economics for Financial Markets written by Brian Kettell and published by Elsevier. This book was released on 2001-11-23 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successful trading, speculating or simply making informed decisions about financial markets means it is essential to have a firm grasp of economics. Financial market behaviour revolves around economic concepts, however the majority of economic textbooks do not tell the full story. To fully understand the behaviour of financial markets it is essential to have a model that enables new information to be absorbed and analysed with some predictive implications. That model is provided by the business cycle. 'Economics for Financial Markets' takes the reader from the basics of financial market valuation to a more sophisticated understanding of the actions that traders take which ultimately drives the volatility in the financial markets. The author shows traders, investment managers, risk managers and finance professionals how to distil the flow of information and show what needs to be concentrated on, covering topics such as: * Why are financial markets subject to economic fashions? * How has the New Economy changed financial market behaviour? * Does the creation of the euro fundamentally change the behaviour of the currency markets? Shows how to distil the vast amount of information in financial markets and identify what is important Demonstrates how the "New Economy" had changed financial market behaviour Explains how to follow the behaviour of central banks
Author : Markus Bruetsch
Publisher : GRIN Verlag
ISBN 13 : 3640436849
Total Pages : 53 pages
Book Rating : 4.6/5 (44 download)
Download or read book From Capital Market Efficiency to Behavioral Finance written by Markus Bruetsch and published by GRIN Verlag. This book was released on 2009 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2002 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,9 (B+), Oxford Brookes University (Business School), course: International Finance & Investment, 24 entries in the bibliography, language: English, abstract: Ever since in the history of stock markets, financial theorists try to understand how investors take decisions under uncertainty in order to value stocks precisely and predict their future returns. Their wish to develop a consistent model gave raise for various theoretical approaches and empirical examinations. This work tries to give a short overview on the traditional theory of asset pricing and discusses the need for a paradigm change due to the recent development in the US and UK stock markets.
Author : Wing-Keung Wong
Publisher : Mdpi AG
ISBN 13 : 9783036530802
Total Pages : 232 pages
Book Rating : 4.5/5 (38 download)
Download or read book Efficiency and Anomalies in Stock Markets written by Wing-Keung Wong and published by Mdpi AG. This book was released on 2022-02-17 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Author : Burton G. Malkiel
Publisher : W. W. Norton & Company
ISBN 13 : 0393330338
Total Pages : 454 pages
Book Rating : 4.3/5 (933 download)
Download or read book A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) written by Burton G. Malkiel and published by W. W. Norton & Company. This book was released on 2007-12-17 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, the bestselling guide to investing evaluates the full range of financial opportunities.
