Mainstream financial economics has largely ignored the complex
cognitive and motivational factors that guide investor trading
decisions and that influence the structure and dynamics of world
equity markets. Research shows, however, that investor psychology
is reliably linked to predictable momentum and reversals in stock
prices and, more generally, to stock market bubbles. The first
volume reviews the scientific debate between leading behavioral
scientists and proponents of rational markets and rational economic
man. It also summarizes key elements of a new psychological theory
of stock prices with special emphasis on the formation of investor
beliefs and the quality of judgment. The articles in the second
Volume support the behavioral approach with international evidence
collected from many sources. Major anomalies in financial
decision-making and in the behavior of equity markets are
interpreted in the context of new experimental, empirical, and
theoretical research.
General
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