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Inefficient Markets - An Introduction to Behavioural Finance (Hardcover)
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Inefficient Markets - An Introduction to Behavioural Finance (Hardcover)
Series: Clarendon Lectures in Economics
Expected to ship within 12 - 17 working days
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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. 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.
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