Advances in Behavioral Finance: v. 2 [Paperback]The Pragmatic Programmers' Guideby Richard H. Thaler (Editor)
Usually ships within 2 to 4 working days Description of Advances in Behavioral Finance: v. 2This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field.It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, Franois Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. Title Information
Press and Industry Reviews"This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer."- David Laibson, Harvard University "Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche 'behavioral finance' book. Thaler's preface is very readable, as is the superb introduction by Thaler and Nick Barberis." - Colin Camerer, California Institute of Technology, author of Behavioral Game Theory and Advances in Behavioral Economics "This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject." - Jay R. Ritter, Cordell Professor of Finance, University of Florida Write a review of this book Customer Reviews from AmazonAbout Richard H. Thaler (Editor)Richard H. Thaler is Robert P. Gwinn Professor of Behavioral Science and Economics at the University of Chicago's Graduate School of Business. He is the author of "Quasi-Rational Economics" (Russell Sage Foundation) and "The Winner's Curse" (Free Press, 1991; Princeton paperback, 1993). He is also editor of the forerunner to the present volume, "Advances in Behavioral Finance" (Russell Sage Foundation, 1993).Contents of Advances in Behavioral Finance: v. 2PrefaceRichard H. Thaler Acknowledgments List of Abbreviations 1. A Survey of Behavioral Finance by Nicholas Barberis and Richard H. Thaler PART I: Limits to Arbitrage 2. The Limits of Arbitrage by Andrei Shleifer and Robert W. Vishny 3. How Are Stock Prices Affected by the Location of Trade? by Kenneth A. Froot and Emil M. Dabora 4. Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs by Owen A. Lamont and Richard H. Thaler PART II: I Stock Returns and the Equity Premium 5. Valuation Ratios and the Long-run Stock Market Outlook: An Update by John Y. Campbell and Robert J. Shiller 6. Myopic Loss Aversion and the Equity Premium Puzzle by Shlomo Benartzi and Richard H. Thaler 7. Prospect Theory and Asset Prices by Nicholas Barberis, Ming Huang, and Tano Santos PART III: Empirical Studies of Overreaction and Underreaction 8. Contrarian Investment, Extrapolation, and Risk by Josef Lakonishok, Andrei Shleifer, and Robert W. Vishny 9. Evidence on the Characteristics of Cross-sectional Variation in Stock Returns by Kent Daniel and Sheridan Titman 10. Momentum by Narasimhan Jegadeesh and Sheridan Titman 11. Market Efficiency and Biases in Brokerage Recommendations by Roni Michaely and Kent L. Womack PART IV: Theories of Overreaction and Underreaction 12. A Model of Investor Sentiment by Nicholas Barberis, Andrei Shleifer, and Robert W. Vishny 13. Investor Psychology and Security Market Under- and Overreaction by Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam 14. A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets by Harrison Hong and Jeremy C. Stein PART V: Investor Behavior 15. Individual Investors by Brad M. Barber and Terrance Odean 16. Naive Diversification Strategies in Defined Contribution Savings Plans by Shlomo Benartzi and Richard H. Thaler PART VI: Corporate Finance 17. Rational Capital Budgeting in an Irrational World by Jeremy C. Stein 18. Earnings Management to Exceed Thresholds by François Degeorge, Jayendu Patel, and Richard Zeckhauser 19. Managerial Optimism and Corporate Finance by J. B. Heaton List of Contributors Index |
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