9780198292272: Inefficient Markets
Couverture souple
ISBN 10 : 0198292279 ISBN 13 : 9780198292272
Editeur : Oxford University Press, 2000

Synopsis

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 models of such markets. These models explain the available financial data more accurately than the efficient markets hypothesis, and generate new predictions about security prices.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

À propos de l?auteur

Andrei Shleifer is professor of Economics at Harvard University.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
Oxford University Press
Date d'édition
2000
Langue
anglais
ISBN 10 
0198292279
ISBN 13 
9780198292272
Reliure
Broché
Nombre de pages
224
Coordonnées du fabricant
Oxford University Press
https://corp.oup.com/

WMF Platz 1
Geislingen/Steige
Baden-W?rttemberg
73312
Allemagne