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Author | : Hersh Shefrin |
Publisher | : Elsevier |
Total Pages | : 636 |
Release | : 2008-05-19 |
Genre | : Business & Economics |
ISBN | : 0080482244 |
Download A Behavioral Approach to Asset Pricing Book in PDF, ePub and Kindle
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
Author | : Hersh Shefrin |
Publisher | : Elsevier |
Total Pages | : 513 |
Release | : 2005-02-03 |
Genre | : Business & Economics |
ISBN | : 0080476031 |
Download A Behavioral Approach to Asset Pricing Book in PDF, ePub and Kindle
A Behavioral Approach to Asset Pricing Theory examines the reigning assumptions of asset pricing theory and reconstructs them to incorporate findings from behavioral finance. It constructs a solid, intact structure that challenges classic assumptions and at the same time provides a strong theory and efficient empirical tools. Building on the models developed by both traditional asset pricing theorists and behavioral asset pricing theorists, this book takes the discussion to the next step. The author provides a general behaviorally based intertemporal treatment of asset pricing theory that extends to the discussion of derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio. The book develops a series of examples to illustrate the theoretical results. The CD-ROM contains most of the examples, worked out as Excel spreadsheets, so that a diligent reader can follow them through. Instructors might also want to use the examples to assign class exercises, asking students to modify the numbers and see what happens. * The first book to focus completely on how behavioral finance principles affect asset pricing * Hersh Shefrin is a recognized expert in behavioral finance * Behavioral finance is a growth area in finance scholarship and moving more and more into practice
Author | : Hersh Shefrin |
Publisher | : Academic Press |
Total Pages | : 604 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 9780123743565 |
Download A Behavioral Approach to Asset Pricing Book in PDF, ePub and Kindle
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. In this 2nd Edition Hersh Shefrin examines the reigning assumptions of asset pricing theory and reconstructs them to incorporate findings from behavioral finance. In other words, he takes the traditional tools in asset pricing and behavioralizes them. He constructs a solid, intact structure that challenges classic assumptions and at the same time provides a strong theory and efficient empirical tools. Building on the models developed by both traditional asset pricing theorists and behavioral asset pricing theorists, Shefrin's book takes the discussion to the next step. He provides a general behaviorally based intertemporal treatment of asset pricing theory that extends to the discussion of derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio, based on all the latest research and 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 * A companion website contains a series of examples worked out as Excel spreadsheets so that readers can input their own data to test the results
Author | : Haim Levy |
Publisher | : Cambridge University Press |
Total Pages | : 457 |
Release | : 2011-10-30 |
Genre | : Business & Economics |
ISBN | : 1139503022 |
Download The Capital Asset Pricing Model in the 21st Century Book in PDF, ePub and Kindle
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.
Author | : Cram101 Textbook Reviews |
Publisher | : Cram101 |
Total Pages | : 0 |
Release | : 2013-05 |
Genre | : |
ISBN | : 9781478473336 |
Download Studyguide for a Behavioral Approach to Asset Pricing by Hersh Shefrin, Isbn 9780123743565 Book in PDF, ePub and Kindle
Never HIGHLIGHT a Book Again Virtually all testable terms, concepts, persons, places, and events are included. Cram101 Textbook Outlines gives all of the outlines, highlights, notes for your textbook with optional online practice tests. Only Cram101 Outlines are Textbook Specific. Cram101 is NOT the Textbook. Accompanys: 9780521673761
Author | : Hersh Shefrin |
Publisher | : |
Total Pages | : 50 |
Release | : 2013 |
Genre | : |
ISBN | : 9781478473336 |
Download Textbook Outlines, Highlights, and Practice Quizzes Book in PDF, ePub and Kindle
Author | : Roger G. Ibbotson |
Publisher | : CFA Institute Research Foundation |
Total Pages | : 128 |
Release | : 2018 |
Genre | : Business & Economics |
ISBN | : 1944960619 |
Download Popularity: A Bridge between Classical and Behavioral Finance Book in PDF, ePub and Kindle
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.
Author | : Robert A. Jarrow |
Publisher | : Springer Nature |
Total Pages | : 470 |
Release | : 2021-07-30 |
Genre | : Business & Economics |
ISBN | : 3030744108 |
Download Continuous-Time Asset Pricing Theory Book in PDF, ePub and Kindle
Asset pricing theory yields deep insights into crucial market phenomena such as stock market bubbles. Now in a newly revised and updated edition, this textbook guides the reader through this theory and its applications to markets. The new edition features new results on state dependent preferences, a characterization of market efficiency and a more general presentation of multiple-factor models using only the assumptions of no arbitrage and no dominance. Taking an innovative approach based on martingales, the book presents advanced techniques of mathematical finance in a business and economics context, covering a range of relevant topics such as derivatives pricing and hedging, systematic risk, portfolio optimization, market efficiency, and equilibrium pricing models. For applications to high dimensional statistics and machine learning, new multi-factor models are given. This new edition integrates suicide trading strategies into the understanding of asset price bubbles, greatly enriching the overall presentation and further strengthening the book’s underlying theme of economic bubbles. Written by a leading expert in risk management, Continuous-Time Asset Pricing Theory is the first textbook on asset pricing theory with a martingale approach. Based on the author’s extensive teaching and research experience on the topic, it is particularly well suited for graduate students in business and economics with a strong mathematical background.
Author | : A. Szyszka |
Publisher | : Springer |
Total Pages | : 417 |
Release | : 2013-09-04 |
Genre | : Business & Economics |
ISBN | : 113736629X |
Download Behavioral Finance and Capital Markets Book in PDF, ePub and Kindle
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.
Author | : Hersh Shefrin |
Publisher | : Now Publishers Inc |
Total Pages | : 196 |
Release | : 2010 |
Genre | : Business & Economics |
ISBN | : 1601983301 |
Download Behavioralizing Finance Book in PDF, ePub and Kindle
Behavioralizing Finance provides a structured approach to behavioral finance in respect to underlying psychological concepts, formal framework, testable hypotheses, and empirical findings.