Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing
- 6h 58m
- Hersh Shefrin
- Oxford University Press (US)
- 2000
Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners 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 human nature. 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.
About the Authors
Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.
In this Book
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Introduction
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Heuristic-Driven Bias—The First Theme
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Frame Dependence—The Second Theme
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Inefficient Markets—The Third Theme
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Trying to Predict the Market
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Sentimental Journey—The Illusion of Validity
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Picking Stocks to Beat the Market
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Biased Reactions to Earnings Announcements
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“Get-Evenitis”—Riding Losers Too Long
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Portfolios, Pyramids, Emotions, and Biases
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Retirement Saving—Myopia and Self-Control
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Open-Ended Mutual Funds—Misframing, “Hot Hands,” and Obfuscation Games
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Closed-End Funds—What Drives Discounts?
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Fixed Income Securities—The Full Measure of Behavioral Phenomena
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The Money Management Industry—Framing Effects, Style “Diversification,” and Regret
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Corporate Takeovers and the Winner's Curse
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IPOs—Initial Underpricing, Long-term Underperformance, and “Hot-Issue” Markets
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Optimism in Analysts' Earnings Predictions and Stock Recommendations
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Options—How They're Used, How They're Priced, and How They Reflect Sentiment
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Commodity Futures—Orange Juice and Sentiment
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Excessive Speculation in Foreign Exchange Markets
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Final Remarks
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