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2003 | z. 33 | 21--40
Tytuł artykułu

Rethinking Traditional Paradigms : an Introduction to Behavioural Finance

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
My objective in this paper is to review the core findings in behavioural literature. This overview is structured around two problems: market inefficiency and agents' irrationality. First, in order to place behavioural finance among other theories, I present the traditional framework for modeling financial markets (section 2). Second, I discuss some market phenomena that cannot be plausibly explained in terms of traditional finance. In the third step, some of the behavioural explanations are introduced as an alternative to the well-established paradigms (section 3). This part has been split into two main building blocks of behavioural research: limits to arbitrage (section 4) and psychology of market participants (section 5). Then, the concluding remarks follow (section 6).(fragment of text)
Rocznik
Numer
Strony
21--40
Opis fizyczny
Twórcy
  • Warsaw School of Economics, Poland
Bibliografia
  • Barberis N., Thaler R., A Survey of Behavioral Finance, NBER working paper 9222, University of Chicago, 2001.
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  • De Bondt W. F. M., Thaler R. H., Further Evidence on Investor Overreaction and Stock Market Seasonality, "The Journal of Finance", No. 42, 1987, pp. 557-581.
  • De Bondt W. F. M., Thaler R. H., Does the Stock Market Overreact?, "The Journal of Finance", No. 40 (2), 1985, pp. 793-805.
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  • Goldberg J.,von Nitzsch R., Behavioral Finance. Gewinnen mit Kompetenz, FinanzBuch Verlag, München 2000.
  • Kahneman D., Tversky A., On the psychology of prediction, "Psychological Review", No. 80, 1973, pp. 237-251.
  • Kahneman D., Tversky A., Prospect Theory: An analysis of decision under risk, "Econometrica", No. 47, 1979, pp. 263-291.
  • Kent D., Hirshleifer D., Subrahmanyam A., Investor Psychology and Security Market Under- and Overreactions, "The Journal of Finance", No. 53 (6), 1998, pp. 1839-1885.
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  • Malkiel B., A Random Walk Down Wall Street, Norton, New York 1981.
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  • Sharpe W., Alexander G., Investments, Prentice Hall, Englewood 1990.
  • Shefrin H., Beyond Greed and Fear, Harvard Business School Press, Boston 2000.
  • Shefrin H., Statman M., Behavioral Portfolio Theory, Working paper, Santa Clara University, 1999.
  • Shefrin H., Thaler R., The Behavioral Life Cycle Hypothesis, "Economic Inquiry", No. 24, 1988, pp. 609-643.
  • Shiller R. J., Human Behaviour and the Efficiency of the Financial System, NBER working paper 6375, Yale University 1998.
  • Shiller R. J., Irrational Exuberance, Princeton University Press, Princeton 2000.
  • Shleifer A., Inefficient Markets: An Introduction to Behavioral Finance, Oxford University Press, Oxford 2000.
  • Siegel J., Stocks for the Long Run, Irwin, New York 1994.
  • Spremann K., Finanzanalyse und Unternehmensbewertung, Oldenbourg Verlag, München 2002.
  • "The Economist", Calling for the bands to strike up, June 20, 2002.
  • "The Economist", Of pimps, punters and equities, March 22, 2002.
  • "The Economist", Rethinking thinking, December 16, 1999.
  • "The Economist", Valuation waltz, May 3, 2002.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171210599

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