A definitive guide to the growing field of behavioral
finance
This reliable resource provides a comprehensive view of
behavioral finance and its psychological foundations, as well as
its applications to finance. Comprising contributed chapters
written by distinguished authors from some of the most influential
firms and universities in the world, Behavioral Finance
provides a synthesis of the most essential elements of this
discipline, including psychological concepts and behavioral biases,
the behavioral aspects of asset pricing, asset allocation, and
market prices, as well as investor behavior, corporate managerial
behavior, and social influences.
* Uses a structured approach to put behavioral finance in
perspective
* Relies on recent research findings to provide guidance through
the maze of theories and concepts
* Discusses the impact of sub-optimal financial decisions on the
efficiency of capital markets, personal wealth, and the performance
of corporations
Behavioral finance has quickly become part of mainstream
finance. If you need to gain a better understanding of this topic,
look no further than this book.
Tabella dei contenuti
Acknowledgments ix
Part I Foundation and Key Concepts 1
1 Behavioral Finance: An Overview 3
H. Kent Baker, John R. Nofsinger
2 Traditional versus Behavioral Finance 23
Robert Bloomfield
3 Behavioral Finance: Application and Pedagogy in Business Education and Training 39
Rassoul Yazdipour, James A. Howard
4 Heuristics or Rules of Thumb 57
Hugh Schwartz
5 Neuroeconomics and Neurofinance 73
Richard L. Peterson
6 Emotional Finance: The Role of the Unconscious in Financial Decisions 95
Richard J. Taffler, David A. Tuckett
7 Experimental Finance 113
Robert Bloomfield, Alyssa Anderson
8 The Psychology of Risk 131
Victor Ricciardi
9 Psychological Influences on Financial Regulation and Policy 151
David Hirshleifer, Siew Hong Teoh
Part II Psychological Concepts and Behavioral Biases 169
10 Disposition Effect 171
Markku Kaustia
11 Prospect Theory and Behavioral Finance 191
Morris Altman
12 Cumulative Prospect Theory: Tests Using the Stochastic Dominance Approach 211
Haim Levy
13 Overconfidence 241
Markus Glaser, Martin Weber
14 The Representativeness Heuristic 259
Richard J. Taffler
15 Familiarity Bias 277
Hisham Foad
16 Limited Attention 295
Sonya S. Lim, Siew Hong Teoh
17 Other Behavioral Biases 313
Michael Dowling, Brian Lucey
Part III Behavioral Aspects of Asset Pricing 331
18 Market Inefficiency 333
Raghavendra Rau
19 Belief- and Preference-Based Models 351
Adam Szyszka
Part IV Behavioral Corporate Finance 373
20 Enterprise Decision Making as Explained in Interview-Based Studies 375
Hugh Schwartz
21 Financing Decisions 393
Jasmin Gider, Dirk Hackbarth
22 Capital Budgeting and Other Investment Decisions 413
Simon Gervais
23 Dividend Policy Decisions 435
Itzhak Ben-David
24 Loyalty, Agency Conflicts, and Corporate Governance 453
Randall Morck
25 Initial Public Offerings 475
François Derrien
26 Mergers and Acquisitions 491
Ming Dong
Part V Investor Behavior 511
27 Trust Behavior: The Essential Foundation of Financial Markets 513
Lynn A. Stout
28 Individual Investor Trading 523
Ning Zhu
29 Individual Investor Portfolios 539
Valery Polkovnichenko
30 Cognitive Abilities and Financial Decisions 559
George M. Korniotis, Alok Kumar
31 Pension Participant Behavior 577
Julie Richardson Agnew
32 Institutional Investors 595
Tarun Ramadorai
33 Derivative Markets 613
Peter Locke
Part VI Social Influences 629
34 The Role of Culture in Finance 631
Rohan Williamson
35 Social Interactions and Investing 647
Mark S. Seasholes
36 Mood 671
Tyler Shumway
Part VII Answers to Chapter Discussion Questions 681
Index 727
Circa l’autore
H. KENT BAKER, PHD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business, American University. He has published extensively in leading academic and professional finance journals including the Journal of Finance Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, Journal of Portfolio Management, and Harvard Business Review. Professor Baker is recognized as one of the most prolific authors in finance during the past fifty years. He has consulting and training experience with more than 100 organizations and has been listed in fifteen biographies.
JOHN R. NOFSINGER is an Associate Professor of Finance and Nihoul Faculty Fellow at Washington State University. He is one of the world’s leading experts in behavioral finance and is a frequent speaker on this topic at investment management conferences, universities, and academic conferences. Nofsinger has often been quoted or appeared in the financial media, including the Wall Street Journal, Financial Times, Fortune, Business Week, Bloomberg, and CNBC. He writes a blog called ‘Mind on My Money’ at psychologytoday.com.
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