Inefficient Markets

Inefficient Markets
Author :
Publisher : OUP Oxford
Total Pages : 295
Release :
ISBN-10 : 9780191606892
ISBN-13 : 0191606898
Rating : 4/5 (898 Downloads)

Book Synopsis Inefficient Markets by : Andrei Shleifer

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 295 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.


Inefficient Markets Related Books

Inefficient Markets
Language: en
Pages: 295
Authors: Andrei Shleifer
Categories: Business & Economics
Type: BOOK - Published: 2000-03-09 - Publisher: OUP Oxford

DOWNLOAD EBOOK

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must
The Inefficient Stock Market
Language: en
Pages: 0
Authors: Robert A. Haugen
Categories: Stock exchanges
Type: BOOK - Published: 2002 - Publisher: Pearson

DOWNLOAD EBOOK

Sparked with wit and humor, this clever and insightful book provides clear evidence that the stock market is inefficient. In the author's view, models based on
Efficiently Inefficient
Language: en
Pages: 368
Authors: Lasse Heje Pedersen
Categories: Business & Economics
Type: BOOK - Published: 2019-09-17 - Publisher: Princeton University Press

DOWNLOAD EBOOK

Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economi
Adaptive Markets
Language: en
Pages: 503
Authors: Andrew W. Lo
Categories: Business & Economics
Type: BOOK - Published: 2019-05-14 - Publisher: Princeton University Press

DOWNLOAD EBOOK

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 i
The Handbook of Equity Market Anomalies
Language: en
Pages: 352
Authors: Leonard Zacks
Categories: Business & Economics
Type: BOOK - Published: 2011-08-24 - Publisher: John Wiley & Sons

DOWNLOAD EBOOK

Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies orga