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Advances in Behavioral Finance, Volume II : Roundtable Series in Behavioral Economics - Richard H. Thaler

Advances in Behavioral Finance, Volume II

Roundtable Series in Behavioral Economics

By: Richard H. Thaler (Editor)

Paperback

Published: 1st July 2005
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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.

"This is an excellent and useful book which should be recommended to all students of finance."--Peter Howells, Economic Issues

Prefacep. xi
Acknowledgmentsp. xix
List of Abbreviationsp. xxiii
A Survey of Behavioral Financep. 1
Limits to Arbitrage
The Limits of Arbitragep. 79
How Are Stock Prices Affected by the Location of Trade?p. 102
Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outsp. 130
Stock Returns and the Equity Premium
Valuation Ratios and the Long-run Stock Market Outlook: An Updatep. 173
Myopic Loss Aversion and the Equity Premium Puzzlep. 202
Prospect Theory and Asset Pricesp. 224
Empirical Studies of Overreaction and Underreaction
Contrarian Investment, Extrapolation, and Riskp. 273
Evidence on the Characteristics of Cross-sectional Variation in Stock Returnsp. 317
Momentump. 353
Market Efficiency and Biases in Brokerage Recommendationsp. 389
Theories of Overreaction and Underreaction
A Model of Investor Sentimentp. 423
Investor Psychology and Security Market Under- and Overreactionp. 460
A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Marketsp. 502
Investor Behavior
Individual Investorsp. 543
Naive Diversification Strategies in Defined Contribution Savings Plansp. 570
Corporate Finance
Rational Capital Budgeting in an Irrational Worldp. 605
Earnings Management to Exceed Thresholdsp. 633
Managerial Optimism and Corporate Financep. 667
List of Contributorsp. 685
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691121758
ISBN-10: 0691121753
Series: Roundtable Series in Behavioral Economics : Book 2
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 744
Published: 1st July 2005
Country of Publication: US
Dimensions (cm): 23.27 x 15.49  x 4.06
Weight (kg): 1.01