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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. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin, the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.

Tabla de contenidos provista por Syndetics

• Preface(p. ix)
• Part I What Is Behavioral Finance?(p. 1)
• Chapter 1 Introduction(p. 3)
• Chapter 2 Heuristic-Driven Bias: The First Theme(p. 13)
• Chapter 3 Frame Dependence: The Second Theme(p. 23)
• Chapter 4 Inefficient Markets: The Third Theme(p. 33)
• Part II Prediction(p. 43)
• Chapter 5 Trying to Predict the Market(p. 45)
• Chapter 6 Sentimental Journey: The Illusion of Validity(p. 59)
• Chapter 7 Picking Stocks to Beat the Market(p. 69)
• Chapter 8 Biased Reactions to Earnings Announcements(p. 91)
• Part III Individual Investors(p. 105)
• Chapter 9 "Get-Evenitis": Riding Losers Too Long(p. 107)
• Chapter 10 Portfolios, Pyramids, Emotions, and Biases(p. 119)
• Chapter 11 Retirement Saving: Myopia and Self-Control(p. 139)
• Part IV Institutional Investors(p. 157)
• Chapter 12 Open-Ended Mutual Funds: Misframing, "Hot Hands," and Obfuscation Games(p. 159)
• Chapter 13 Closed-End Funds: What Drives Discounts?(p. 175)
• Chapter 14 Fixed Income Securities: The Full Measure of Behavioral Phenomena(p. 193)
• Chapter 15 The Money Management Industry: Framing Effects, Style "Diversification," and Regret(p. 213)
• Part V The Interface between Corporate Finance and Investment(p. 225)
• Chapter 16 Corporate Takeovers and the Winner's Curse(p. 227)
• Chapter 17 IPOs: Initial Underpricing, Long-term Underperformance, and "Hot-Issue" Markets(p. 239)
• Chapter 18 Optimism in Analysts' Earnings Predictions and Stock Recommendations(p. 257)
• Part VI Options, Futures, and Foreign Exchange(p. 271)
• Chapter 19 Options: How They're Used, How They're Priced, and How They Reflect Sentiment(p. 273)
• Chapter 20 Commodity Futures: Orange Juice and Sentiment(p. 289)
• Chapter 21 Excessive Speculation in Foreign Exchange Markets(p. 299)
• Final Remarks(p. 309)
• Notes(p. 311)
• References(p. 333)
• Credits(p. 351)
• Index(p. 359)

Reseñas proporcionadas por Syndetics

Library Journal Review

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 (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

CHOICE Review

In this lucid account of behavioral science applied to investment decision making, Shefrin (Santa Clara Univ.) emphasizes how psychology drives financial decisions, such as the tendency of individual investors and professional portfolio managers to base decisions on biased beliefs ("heuristic-driven bias") and how a problem is worded ("frame dependence"). These decisions produce investment errors and the inaccurate pricing of securities, both of which are important sources and explanations of market inefficiencies. The role of emotion, loss aversion, the inability to accurately perceive risk, the tendency of investors to overreact, overconfidence, and the gambler's fallacy are among the topics Shefrin covers. That correcting the behavioral biases will lead to superior investment decision making is implied but not verified. Shefrin clearly states the themes and contributions of behavioral finance to investment decision making and their implications for efficient markets. Although traditional finance dismisses behavioral finance, this book deserves to be in any library serving investment professionals or academic programs in finance. Numerous stories and case studies, extensive notes, and a good index complete this highly recommended book. Upper-division undergraduate through professional collections. H. Mayo; The College of New Jersey

Notas de autor provistas por Syndetics

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