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…mehr
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.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
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, BusinessWeek, Bloomberg, and CNBC. He writes a blog called "Mind on My Money" at psychologytoday.com.
Inhaltsangabe
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
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
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