Behavioral Finance helps investors understand unusual asset prices
and empirical observations originating out of capital markets. At
its core, this field of study aids investors in navigating complex
psychological trappings in market behavior and making smarter
investment decisions. Behavioral Finance and Capital Markets
reveals the main foundations underpinning neoclassical capital
market and asset pricing theory, as filtered through the lens of
behavioral finance. Szyszka presents and classifies many of the
dynamic arguments being made in the current literature on the topic
through the use of a new, ground-breaking methodology termed: the
General Behavioral Asset Pricing Model (GBM). GBM describes how
asset prices are influenced by various behavioral heuristics and
how these prices deviate from fundamental values due to irrational
behavior on the part of investors. The connection between
psychological factors responsible for irrational behavior and
market pricing anomalies is featured extensively throughout the
text. Alternative explanations for various theoretical and
empirical market puzzles - such as the 2008 U.S. financial crisis -
are also discussed in a convincing and interesting manner. The book
also provides interesting insights into behavioral aspects of
corporate finance.
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