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Beyond Greed and Fear
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Table of Contents

Preface Part I: What Is Behavioral Finance 1: Introduction 2: Heuristic-Driven Bias: The First Theme 3: Frame Dependence: The Second Theme 4: Inefficient Markets: The Third Theme Part II: Prediction 5: Trying to Predict the Market 6: Sentimental Journey: The Illusion of Validity 7: Picking Stocks to Beat the Market 8: Biased Reactions to Earnings Announcements Part III: Individual Investors 9: "Get-Evenitis": Riding Losers Too Long 10: Portfolios, Pyramids, Emotions, and Biases 11: Retirement Saving: Myopia and Self-Control Part IV: Institutional Investors 12: Open-Ended Mutual Funds: Misframing, "Hot Hands", and Obfuscation Games 13: Closed-End Funds: What Drives Discounts? 14: Fixed Income Securities: The Full Measure of Behavioral Phenomena 15: The Money Management Industry: Framing Effects, Style "Diversification", and Regret Part V: The Interface between Corporate Finance and Investment 16: Corporate Takeovers and the Winner's Curse 17: IPOs: Initial Underpricing, Long-term Underperformance, and "Hot-Issue" Markets 18: Optimism in Analysts' Earnings Predictions and Stock Recommendations Part VI: Options, Futures, and Foreign Exchange 19: Options: How They're Used, How They're Priced, and How They Reflect Sentiment 20: Commodity Futures: Orange Juice and Sentiment 21: Excessive Speculation in Foreign Exchange Markets Final Remarks Notes References Credits Index

About the Author

Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.

Reviews

Behavioral finance is defined by Shefrin (finance, Santa Clara Univ.) as "a rapidly growing area that deals with the influence of psychology on the behavior of financial practitioners." This comprehensive study is aimed primarily at practitionersÄportfolio managers, analysts, and financial advisersÄwho, according to Shefrin, "need to know that because of human nature, they make particular types of mistakes." Shefrin provides a historical background of finance theory, studies of behavioral analysis, and a review of major contributions to the literature. The book is divided into six parts: behavioral finance, the stock market, individual investors, money managers, corporate executives, and options, futures, and foreign exchange. In addition to numerous case studies, Shefrin utilizes statistical charts and tables to illustrate his central theories and concepts. Important and thought-provoking, this study is recommended for academic faculty and students as well as finance practitioners.ÄLucy T. Heckman, St. John's Univ. Lib., NY Copyright 1999 Cahners Business Information.

"This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies."--John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds "This book helps readers recognize, and avoid, bias and errors in their financial decisions, and modify and, it is hoped, improve their overall investment strategies."--JP Morgan Private Bank Annual Summer Reading List "Behavioral finance is about normal people and the markets that drive them crazy. Shefrin's insights into these people and markets will provide you with solutions to many financial puzzles--as you read the book and long after you close it."--Meir Statman, Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University "Beyond Greed and Fear challenges your most fundamental assumptions about investing and uncovers psychological traps that may prevent you from achieving higher returns on your portfolio."--Martin S. Fridson, Managing Director, Merrill Lynch & Co., and author, How to Be a Billionaire "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 "Beyond Greed and Fear is the first truly comprehensive behavioral finance book written for practitioners. It should be required reading for portfolio managers and traders."--W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments "Most books about financial markets overlook the human element--a serious omission since people matter on Wall Street as well as on Main Street. Beyond Greed and Fear is a fine examination of the budding field of behavioral finance. I recommend it to anyone who intends to trade with other human beings, or who is a human being."--Richard H. Thaler, Robert P. Gwinn Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago "Financial practitioners, argues the author, must acknowledege and understand behavioral finance in order to avoid many of the investment pitfalls caused by human error.--Business Horizons "One edition of this work should be in every investment collection"--CHOICE, H. Mayo

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