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Inefficient Markets
Andrei Schleifer
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Description for Inefficient Markets
Paperback. 'The Efficient Markets Hypothesis' has been the central proposition of finance for nearly 30 years. This book presents an alternative view of financial markets: behavioural finance. Shleifer demonstrates the oversimplification of EMH both in the common assumption of perfect rationality and the failure of arbitrage to adjust prices correctly. Series: Clarendon Lectures in Economics. Num Pages: 224 pages, tables and graphs. BIC Classification: KCA; KFF. Category: (P) Professional & Vocational. Dimension: 217 x 137 x 65. Weight in Grams: 292.
The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, ... Read more
The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, ... Read more
Product Details
Format
Paperback
Publication date
2000
Publisher
Oxford University Press United Kingdom
Number of pages
224
Condition
New
Series
Clarendon Lectures in Economics
Number of Pages
224
Place of Publication
Oxford, United Kingdom
ISBN
9780198292272
SKU
V9780198292272
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-2
About Andrei Schleifer
Andrei Shleifer is Professor of Economics at Harvard University
Reviews for Inefficient Markets
An excellent academic discussion of stock mispricing and other behavioral influences in the stock market.
Jeff Madrick, New York Review of Books
Jeff Madrick, New York Review of Books