Behavioral Finance: Investors, Corporations, and Markets

Overview

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 ...

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Overview

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.

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Product Details

  • ISBN-13: 9780470499115
  • Publisher: Wiley
  • Publication date: 10/5/2010
  • Series: Robert W. Kolb Series , #6
  • Edition number: 1
  • Pages: 757
  • Product dimensions: 6.70 (w) x 10.10 (h) x 1.90 (d)

Meet the Author

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.

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Table of Contents

Acknowledgments

Part I Foundation and Key Concepts 1

1 Behavioral Finance: An Overview 3

2 Traditional versus Behavioral Finance John R. Nofsinger Nofsinger, John R. 23

3 Behavioral Finance: Application and Pedagogy in Business Education and Training Robert Bloomfield Bloomfield, Robert 39

4 Heuristics or Rules of Thumb James A. Howard Howard, James A. 57

5 Neuroeconomics and Neurofinance Hugh Schwartz Schwartz, Hugh 73

6 Emotional Finance: The Role of the Unconscious in Financial Decisions Richard L. Peterson Peterson, Richard L. 95

7 Experimental Finance David A. Tuckett Tuckett, David A. 113

8 The Psychology of Risk Alyssa Anderson Anderson, Alyssa 131

9 Psychological Influences on Financial Regulation and Policy Victor Ricciardi Ricciardi, Victor 151

Part II Psychological Concepts and Behavioral Biases Siew Hong Teoh Teoh, Siew Hong 169

10 Disposition Effect Siew Hong Teoh Teoh, Siew Hong 171

11 Prospect Theory and Behavioral Finance Markku Kaustia Kaustia, Markku 191

12 Cumulative Prospect Theory: Tests Using the Stochastic Dominance Approach Morris Altman Altman, Morris 211

13 Overconfidence Haim Levy Levy, Haim 241

14 The Representativeness Heuristic Martin Weber Weber, Martin 259

15 Familiarity Bias Richard J. Taffler Taffler, Richard J. 277

16 Limited Attention Hisham Foad Foad, Hisham 295

17 Other Behavioral Biases Siew Hong Teoh Teoh, Siew Hong 313

Part III Behavioral Aspects of Asset Pricing Brian Lucey Lucey, Brian 331

18 Market Inefficiency Brian Lucey Lucey, Brian 333

19 Belief- and Preference-Based Models Raghavendra Rau Rau, Raghavendra 351

Part IV Behavioral Corporate Finance Adam Szyszka Szyszka, Adam 373

20 Enterprise Decision Making as Explained in Interview-Based Studies Adam Szyszka Szyszka, Adam 375

21 Financing Decisions Hugh Schwartz Schwartz, Hugh 393

22 Capital Budgeting and Other Investment Decisions Dirk Hackbarth Hackbarth, Dirk 413

23 Dividend Policy Decisions Simon Gervais Gervais, Simon 435

24 Loyalty, Agency Conflicts, and Corporate Governance Itzhak Ben-David Ben-David, Itzhak 453

25 Initial Public Offerings Randall Morck Morck, Randall 475

26 Mergers and Acquisitions FranÂȘois Derrien Derrien, FranÂȘois 491

Part V Investor Behavior Ming Dong Ming, Dong 511

27 Trust Behavior: The Essential Foundation of Financial Markets Ming Dong Ming, Dong 513

28 Individual Investor Trading Lynn A. Stout Stout, Lynn A. 523

29 Individual Investor Portfolios Ning Zhu Ning, Zhu 539

30 Cognitive Abilities and Financial Decisions Valery Polkovnichenko Polkovnichenko, Valery 559

31 Pension Participant Behavior Alok Kumar Kumar, Alok 577

32 Institutional Investors Julie Richardson Agnew Agnew, Julie Richardson 595

33 Derivative Markets Tarun Ramadorai Ramadorai, Tarun 613

Part VI Social Influences Peter Locke Locke, Peter 629

34 The Role of Culture in Finance Peter Locke Locke, Peter 631

35 Social Interactions and Investing Rohan Williamson Williamson, Rohan 647

36 Mood Mark S. Seasholes Seasholes, Mark S. 671

Part VII Answers to Chapter Discussion Questions Tyler Shumway Shumway, Tyler 681

Index Tyler Shumway Shumway, Tyler 727

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