Advances in Behavioral Finance, Volume II by Richard H. Thaler (English) Paperba

Description: Advances in Behavioral Finance, Volume II by Richard H. Thaler Offers an overview of developments in behavioral finance. This volume presents twenty papers by leading specialists that illustrate the abiding power of behavioral finance - of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field.It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena.As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, Francois Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. Notes This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer. -- David Laibson, Harvard University Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche behavioral finance book. Thalers preface is very readable, as is the superb introduction by Thaler and Nick Barberis. -- Colin Camerer, California Institute of Technology, author of "Behavioral Game Theory" and "Advances in Behavioral Economics" This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject. -- Jay R. Ritter, Cordell Professor of Finance, University of Florida Back Cover "This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer." --David Laibson, Harvard University " Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche behavioral finance book. Thalers preface is very readable, as is the superb introduction by Thaler and Nick Barberis." --Colin Camerer, California Institute of Technology, author of Behavioral Game Theory and Advances in Behavioral Economics "This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject." --Jay R. Ritter, Cordell Professor of Finance, University of Florida Flap "This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer."-- David Laibson, Harvard University " Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche behavioral finance book. Thalers preface is very readable, as is the superb introduction by Thaler and Nick Barberis."-- Colin Camerer, California Institute of Technology, author of Behavioral Game Theory and Advances in Behavioral Economics "This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject."-- Jay R. Ritter, Cordell Professor of Finance, University of Florida Author Biography Richard H. Thaler, the winner of the 2017 Nobel Prize in economics, is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. His books include Quasi-Rational Economics (Russell Sage Foundation) and The Winners Curse (Princeton). He is also the editor of the forerunner to the present volume, Advances in Behavioral Finance (Russell Sage Foundation). Table of Contents Preface xi Richard H. Thaler Acknowledgments xix List of Abbreviations xxiii Chapter 1: A Survey of Behavioral Finance by Nicholas Barberis and Richard H. Thaler 1 Part I: Limits to Arbitrage Chapter 2: The Limits of Arbitrage by Andrei Shleifer and Robert W. Vishny 79 Chapter 3: How Are Stock Prices Affected by the Location of Trade? by Kenneth A. Froot and Emil M. Dabora 102 Chapter 4: Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs by Owen A. Lamont and Richard H. Thaler 130 Part II: I Stock Returns and the Equity Premium Chapter 5: Valuation Ratios and the Long-run Stock Market Outlook: An Update by John Y. Campbell and Robert J. Shiller 173 Chapter 6: Myopic Loss Aversion and the Equity Premium Puzzle by Shlomo Benartzi and Richard H. Thaler 202 Chapter 7: Prospect Theory and Asset Prices by Nicholas Barberis, Ming Huang, and Tano Santos 224 Part III: Empirical Studies of Overreaction and Underreaction Chapter 8: Contrarian Investment, Extrapolation, and Risk by Josef Lakonishok, Andrei Shleifer, and Robert W. Vishny 273 Chapter 9: Evidence on the Characteristics of Cross-sectional Variation in Stock Returns by Kent Daniel and Sheridan Titman 317 Chapter 10: Momentum by Narasimhan Jegadeesh and Sheridan Titman 353 Chapter 11: Market Efficiency and Biases in Brokerage Recommendations by Roni Michaely and Kent L. Womack 389 Part IV: Theories of Overreaction and Underreaction Chapter 12: A Model of Investor Sentiment by Nicholas Barberis, Andrei Shleifer, and Robert W. Vishny 423 Chapter 13: Investor Psychology and Security Market Under- and Overreaction by Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam 460 Chapter 14: A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets by Harrison Hong and Jeremy C. Stein 502 Part V: Investor Behavior Chapter 15: Individual Investors by Brad M. Barber and Terrance Odean 543 Chapter 16: Naive Diversification Strategies in Defined Contribution Savings Plans by Shlomo Benartzi and Richard H. Thaler 570 Part VI: Corporate Finance Chapter 17: Rational Capital Budgeting in an Irrational World by Jeremy C. Stein 605 Chapter 18: Earnings Management to Exceed Thresholds by Francois Degeorge, Jayendu Patel, and Richard Zeckhauser 633 Chapter 19: Managerial Optimism and Corporate Finance by J. B. Heaton 667 List of Contributors 685 Index 695 Review "This is an excellent and useful book which should be recommended to all students of finance."--Peter Howells, Economic Issues Promotional This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer. -- David Laibson, Harvard University Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche behavioral finance book. Thalers preface is very readable, as is the superb introduction by Thaler and Nick Barberis. -- Colin Camerer, California Institute of Technology, author of "Behavioral Game Theory" and "Advances in Behavioral Economics" This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject. -- Jay R. Ritter, Cordell Professor of Finance, University of Florida Prizes Winner of 2017 Nobel Prize in Economics 2017 Long Description This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field.It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena.As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, Francois Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser. Review Quote "This is an excellent and useful book which should be recommended to all students of finance."-- Peter Howells, Economic Issues Details ISBN0691121753 Short Title ADVANCES IN BEHAVIORAL FINANCE Publisher Princeton University Press Language English ISBN-10 0691121753 ISBN-13 9780691121758 Media Book Format Paperback Year 2005 Imprint Princeton University Press Place of Publication New Jersey Country of Publication United States Edited by Richard H. Thaler Author Richard H. Thaler Pages 744 Translated from English DOI 10.1604/9780691121758 Series Number 2 UK Release Date 2005-07-25 NZ Release Date 2005-07-25 US Release Date 2005-07-25 Series The Roundtable Series in Behavioral Economics Publication Date 2005-07-25 Alternative 9780691121741 DEWEY 332.6019 Illustrations 72 line illus. 79 tables. Audience Professional & Vocational AU Release Date 2005-10-03 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:8377405;

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