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Beyond Greed and Fear by Hersh Shefrin
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    Recommended by Terrance Odean

    Description of Beyond Greed and Fear

    In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behaviour that guides stock selection, financial services, and corporate financial strategy.

    Shefrin 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. Through colourful, often humorous real-world examples, 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.

    Contents of Beyond Greed and Fear

    Part 1: What is behavioural Finance?

    1. Introduction
    2. Heuristic-Driven Bias : The First Theme
    3. Frame Dependence : The second Theme
    4. Inefficient Markets : The Third Theme

    Part 2: 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 3: Individual Investors

    9. 'Get-Evenitis' : Riding losers too long
    10. Portfolios, Pyramids, Emotions, and Biases
    11. Retirement Saving : Myopia and Self-Control

    Part 4: 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 Behavioural Phenomena
    15. The Money Management Industry : Framing Effects, Style 'Diversification' and Regret

    Part 5: 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 6: 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
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