A Behavioral Approach to Asset Pricing Book

A Behavioral Approach to Asset Pricing


  • Author : Hersh Shefrin
  • Publisher : Elsevier
  • Release Date : 2008-05-19
  • Genre: Business & Economics
  • Pages : 618
  • ISBN 10 : 0080482244

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A Behavioral Approach to Asset Pricing Book Description :

Behavioral finance is the study of how psychology affects financial decision making and financial markets. It is increasingly becoming the common way of understanding investor behavior and stock market activity. Incorporating the latest research and theory, Shefrin offers both a strong theory and efficient empirical tools that address derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio. The book provides a series of examples to illustrate the theory. The second edition continues the tradition of the first edition by being the one and only book to focus completely on how behavioral finance principles affect asset pricing, now with its theory deepened and enriched by a plethora of research since the first edition

Behavioral Corporate Finance Book

Behavioral Corporate Finance


  • Author : Hersh Shefrin
  • Publisher : McGraw-Hill Education
  • Release Date : 2017-03-13
  • Genre: Business & Economics
  • Pages : 320
  • ISBN 10 : 1259277208

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Behavioral Corporate Finance Book Description :

Behavioral Corporate Finance provides instructors with a comprehensive pedagogical approach for teaching students how behavioral concepts apply to corporate finance. The primary goal is to identify the key psychological obstacles to value maximizing behavior, along with steps that managers can take to mitigate the effects of these obstacles.

Behavioralizing Finance Book

Behavioralizing Finance


  • Author : Hersh Shefrin
  • Publisher : Now Publishers Inc
  • Release Date : 2010-03-01
  • Genre: Business & Economics
  • Pages : 198
  • ISBN 10 : 9781601983305

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Behavioralizing Finance Book Description :

Behavioralizing Finance suggests that finance is moving to a new paradigm that combines structural features from neoclassical finance and realistic assumptions from behavioral finance. The behavioralization of finance involves intellectual shifts by two groups - the first shift features neoclassical economists explicitly incorporating psychological elements into their models and the second shift features behavioral economists developing a systematic, rigorous framework. Behavioralizing Finance starts by describing the highlights of the behavioral finance literature and identifying some of the weaknesses of this literature. The remainder of the volume has two main objectives: To discuss works which have emerged since the past surveys appeared, or which those surveys overlooked for one reason or another. To present some ideas about trends toward a unifying framework for behavioral finance that captures some of the rigor in neoclassical finance. Behavioralizing Finance provides a structured approach to behavioral finance in respect to underlying psychological concepts, formal framework, testable hypotheses, and empirical findings. A key theme of the volume is that the future of finance will combine realistic assumptions from behavioral finance and rigorous analysis from neoclassical finance."

Behavioral Finance and Capital Markets Book

Behavioral Finance and Capital Markets


  • Author : A. Szyszka
  • Publisher : Springer
  • Release Date : 2013-09-04
  • Genre: Business & Economics
  • Pages : 335
  • ISBN 10 : 9781137366290

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Behavioral Finance and Capital Markets Book Description :

Behavioral Finance helps investors understand unusual asset prices and empirical observations originating out of capital markets. At its core, this field of study aids investors in navigating complex psychological trappings in market behavior and making smarter investment decisions. Behavioral Finance and Capital Markets reveals the main foundations underpinning neoclassical capital market and asset pricing theory, as filtered through the lens of behavioral finance. Szyszka presents and classifies many of the dynamic arguments being made in the current literature on the topic through the use of a new, ground-breaking methodology termed: the General Behavioral Asset Pricing Model (GBM). GBM describes how asset prices are influenced by various behavioral heuristics and how these prices deviate from fundamental values due to irrational behavior on the part of investors. The connection between psychological factors responsible for irrational behavior and market pricing anomalies is featured extensively throughout the text. Alternative explanations for various theoretical and empirical market puzzles - such as the 2008 U.S. financial crisis - are also discussed in a convincing and interesting manner. The book also provides interesting insights into behavioral aspects of corporate finance.

Behavioral Finance Book

Behavioral Finance


  • Author : H. Kent Baker
  • Publisher : John Wiley & Sons
  • Release Date : 2010-10-01
  • Genre: Business & Economics
  • Pages : 768
  • ISBN 10 : 0470769688

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Behavioral Finance Book Description :

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.

Popularity  A Bridge between Classical and Behavioral Finance Book

Popularity A Bridge between Classical and Behavioral Finance


  • Author : Roger G. Ibbotson
  • Publisher : CFA Institute Research Foundation
  • Release Date :
  • Genre: Business & Economics
  • Pages : 160
  • ISBN 10 : 9781944960612

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Popularity A Bridge between Classical and Behavioral Finance Book Description :

Classical and behavioral finance are often seen as being at odds, but the idea of “popularity” has been introduced as a way of reconciling the two approaches. Investors like or dislike various characteristics of securities for rational reasons (as in classical finance) or irrational reasons (as in behavioral finance), which makes the assets popular or unpopular. In the capital markets, popular (unpopular) securities trade at prices that are higher (lower) than they would be otherwise; hence, the shares may provide lower (higher) expected returns.This book builds on this idea and expands it in two major ways. First, it introduces a rigorous asset pricing model, the popularity asset pricing model (PAPM), which adds investor preferences for security characteristics other than the risk and expected return that are part of the capital asset pricing model. A major conclusion of the PAPM is that the expected return of any security is a linear function of not only its systematic risk (beta) but also of all security characteristics that investors care about. The other major contribution of the book is new empirical work that, while confirming the well-known premiums (such as size, value, and liquidity) in a popularity context, supports the popularity hypothesis on the basis of portfolios of stocks based on such characteristics as brand value, sustainable competitive advantage, and reputation. Popularity unifies the factors that affect price in classical finance with those that drive price in behavioral finance, thus creating a unifying theory or bridge between classical and behavioral finance.

CFA Program Curriculum 2018 Level III Book

CFA Program Curriculum 2018 Level III


  • Author : CFA Institute
  • Publisher : John Wiley & Sons
  • Release Date : 2017-08-01
  • Genre: Business & Economics
  • Pages : 2688
  • ISBN 10 : 9781119396727

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CFA Program Curriculum 2018 Level III Book Description :

Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2018 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2018 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2018 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valua

CFA Program Curriculum 2019 Level III Volumes 1 6 Box Set Book

CFA Program Curriculum 2019 Level III Volumes 1 6 Box Set


  • Author : CFA Institute
  • Publisher : John Wiley & Sons
  • Release Date : 2018-08-24
  • Genre: Business & Economics
  • Pages : 2832
  • ISBN 10 : 9781119516880

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CFA Program Curriculum 2019 Level III Volumes 1 6 Box Set Book Description :

Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2019 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2019 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valua

Portfolio Theory and Management Book

Portfolio Theory and Management


  • Author : H. Kent Baker
  • Publisher : Oxford University Press
  • Release Date : 2013-03-07
  • Genre: Business & Economics
  • Pages : 767
  • ISBN 10 : 9780199829699

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Portfolio Theory and Management Book Description :

Portfolio Theory and Management examines the foundations of portfolio management with the contributions of financial pioneers up to the latest trends. The book discusses portfolio theory and management both before and after the 2007-2008 financial crisis. It takes a global focus by highlighting cross-country differences and practices.

CFA Program Curriculum 2020 Level III  Volumes 1   6 Book

CFA Program Curriculum 2020 Level III Volumes 1 6


  • Author : CFA Institute
  • Publisher : John Wiley & Sons
  • Release Date : 2019-08-09
  • Genre: Business & Economics
  • Pages :
  • ISBN 10 : 9781119593645

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CFA Program Curriculum 2020 Level III Volumes 1 6 Book Description :

Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2020 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valua

Asset Pricing Book
Score: 3.5
From 2 Ratings

Asset Pricing


  • Author : John Howland Cochrane
  • Publisher : Princeton University Press
  • Release Date : 2001
  • Genre: Business & Economics
  • Pages : 530
  • ISBN 10 : 0691074984

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Asset Pricing Book Description :

The systematic determination of stock values--asset pricing--has developed dramatically in the last few years due to advances in financial theory. Here Cochrane unifies and brings this science up to date for the benefit of advanced students and professionals.

Handbook of the Economics of Finance Book
Score: 4
From 1 Ratings

Handbook of the Economics of Finance


  • Author : G. Constantinides
  • Publisher : Elsevier
  • Release Date : 2003-11-18
  • Genre: Business & Economics
  • Pages : 694
  • ISBN 10 : 0444513639

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Handbook of the Economics of Finance Book Description :

Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

A Behavioral Approach to Stock Pricing Book
Score: 5
From 1 Ratings

A Behavioral Approach to Stock Pricing


  • Author : Jayash Paudel
  • Publisher :
  • Release Date : 2010
  • Genre:
  • Pages : 71
  • ISBN 10 : OCLC:751978559

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A Behavioral Approach to Stock Pricing Book Description :

Recent literature in behavioral finance has contradicted the notion of efficiency of markets. Greater emphasis on how psychological biases influence the behavior of an investor and asset prices has led to a strong debate among proponents of behavioral finance and neoclassical finance. This has created the need to study how psychology affects financial decisions in households, markets and organizations. This study attempts to investigate the linkage between investor sentiment and stock prices for 35 firms belonging to three different industries over a time period of 56 years, from 1950 to 2005. An ordinary least squares regression model is used to identify the primary determinants of the price of a stock for the healthcare, financial services and aerospace and defense industries. The findings suggest that investor sentiment does not significantly affect the stock prices in this sample.

Beyond Greed and Fear Book
Score: 3.5
From 13 Ratings

Beyond Greed and Fear


  • Author : Hersh Shefrin
  • Publisher : Oxford University Press on Demand
  • Release Date : 2002
  • Genre: Social Science
  • Pages : 368
  • ISBN 10 : 0195161211

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Beyond Greed and Fear Book Description :

"Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance."--Robert Shiller, Stanley B. Resor Professor of Economics, Cowles Foundation for Research in Economics, Yale University Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financialpractitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of humannature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and tomodify and improve their overall investment strategies.

Advances in Behavioral Finance Book

Advances in Behavioral Finance


  • Author : Richard H. Thaler
  • Publisher : Princeton University Press
  • Release Date : 2005-07-25
  • Genre: Business & Economics
  • Pages : 712
  • ISBN 10 : 9780691121758

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Advances in Behavioral Finance Book Description :

A definitive and wide-ranging overview of developments in behavioural finance over the past ten years. This second volume presents twenty recent papers by leading specialists that illustrate the abiding power of behavioural finance.

Financial Decisions and Markets Book

Financial Decisions and Markets


  • Author : John Y. Campbell
  • Publisher : Princeton University Press
  • Release Date : 2017-10-31
  • Genre: Business & Economics
  • Pages : 480
  • ISBN 10 : 9781400888221

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Financial Decisions and Markets Book Description :

From the field's leading authority, the most authoritative and comprehensive advanced-level textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the field’s most respected authorities, provides a broad graduate-level overview of asset pricing. He introduces students to leading theories of portfolio choice, their implications for asset prices, and empirical patterns of risk and return in financial markets. Campbell emphasizes the interplay of theory and evidence, as theorists respond to empirical puzzles by developing models with new testable implications. The book shows how models make predictions not only about asset prices but also about investors’ financial positions, and how they often draw on insights from behavioral economics. After a careful introduction to single-period models, Campbell develops multiperiod models with time-varying discount rates, reviews the leading approaches to consumption-based asset pricing, and integrates the study of equities and fixed-income securities. He discusses models with heterogeneous agents who use financial markets to share their risks, but also may speculate against one another on the basis of different beliefs or private information. Campbell takes a broad view of the field, linking asset pricing to related areas, including financial econometrics, household finance, and macroeconomics. The textbook works in discrete time throughout, and does not require stochastic calculus. Problems are provided at the end of each chapter to challenge students to develop their understanding of the main issues in financial economics. The most comprehensive and balanced textbook on asset pricing available, Financial Decisions and Markets is an essential resource for all graduate students and practitioners in finance and related fields. Integrated treatment of asset pricing theory and empirical evidence Emphasis on investors’ decisions Broad view linking the field to financial econometrics, household finan

The Capital Asset Pricing Model in the 21st Century Book

The Capital Asset Pricing Model in the 21st Century


  • Author : Haim Levy
  • Publisher : Cambridge University Press
  • Release Date : 2011-10-30
  • Genre: Business & Economics
  • Pages :
  • ISBN 10 : 9781139503020

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The Capital Asset Pricing Model in the 21st Century Book Description :

The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.

Handbook of Financial Markets  Dynamics and Evolution Book

Handbook of Financial Markets Dynamics and Evolution


  • Author : Thorsten Hens
  • Publisher : Elsevier
  • Release Date : 2009-06-12
  • Genre: Business & Economics
  • Pages : 608
  • ISBN 10 : 0080921434

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Handbook of Financial Markets Dynamics and Evolution Book Description :

The models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. * Explains the market dynamics of asset prices, offering insights about asset management approaches * Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics

Behavioural Finance Book

Behavioural Finance


  • Author : William Forbes
  • Publisher : John Wiley & Sons
  • Release Date : 2009-12-21
  • Genre: Business & Economics
  • Pages : 464
  • ISBN 10 : 9780470028049

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Behavioural Finance Book Description :

The study of Behavioural finance is relatively new and examines how individuals’ attitudes and behaviour affect their financial decisions and financial markets. Behavioural Finance builds on existing knowledge and skills that students have already gained on an introductory finance or corporate finance course. The primary focus of the book is on how behavioural approaches extend what students already know. At each stage the theory is developed by application to the FTSE 100 companies and their valuation and strategy. This approach helps the reader understand how behavioural models can be applied to everyday problems faced by practitioners at both a market and individual company level. The book develops simple formal expositions of existing attempts to model the impact of behavioural bias on investor/managers' decisions. Where possible this is done grounding the discussion in practical, numerical, examples from the financial press and business life.