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金融学教科书系列——
英国女王大学和华威大学金融学硕士研究生就读四年所用的教科书。
Author(s): Richard H. Thaler
Series: Roundtable Series in Behavioral Economics
Publisher: Princeton University Press,
Year: 2005
ISBN: 0691121753,9780691121758
研究生一年
Advances in Behavioral Finance by Richard H. Thaler.
行为金融学是现代金融学的一个重要分支，融合心理学和生物学的知识，为了更好的判断人如何做出金融决策。这门课可以很浅显，也可以很数学化，有兴趣的朋友可以选修。
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Contents
Preface
Acknowledgments
List of Abbreviations
Chapter 1. A Survey of Behavioral Finance
Part I: Limits to Arbitrage
Chapter 2. The Limits of Arbitrage
Chapter 3. How Are Stock Prices Affected by the Location of Trade?
Chapter 4. Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs
Part II: Stock Returns and the Equity Premium
Chapter 5. Valuation Ratios and the Long-run Stock Market Outlook: An Update
Chapter 6. Myopic Loss Aversion and the Equity Premium Puzzle
Chapter 7. Prospect Theory and Asset Prices
Part III: Empirical Studies of Overreaction and Underreaction
Chapter 8. Contrarian Investment, Extrapolation, and Risk
Chapter 9. Evidence on the Characteristics of Cross-sectional Variation in Stock Returns
Chapter 10. Momentum
Chapter 11. Market Efficiency and Biases in Brokerage Recommendations
Part IV: Theories of Overreaction and Underreaction
Chapter 12. A Model of Investor Sentiment
Chapter 13. Investor Psychology and Security Market Under- and Overreaction
Chapter 14. A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets
Part V: Investor Behavior
Chapter 15. Individual Investors
Chapter 16. Naive Diversification Strategies in Defined Contribution Savings Plans
Part VI: Corporate Finance
Chapter 17. Rational Capital Budgeting in an Irrational World
Chapter 18. Earnings Management to Exceed Thresholds
Chapter 19. Managerial Optimism and Corporate Finance
List of Contributors
本书对过去十年行为金融学的发展进行了权威而广泛的概述。1993 年，第一卷为这种新的金融方法提供了标准参考——正如编辑理查德·塞勒所说，这种方法“考虑到经济中的某些主体有时行为不完全理性的可能性”。从那时起，情况发生了很大变化。尤其是互联网泡沫的破灭和随后的市场衰退进一步表明，如果交易真正由金融理论中的完全理性的投资者主导，金融市场往往无法像它们那样运作。行为金融学在资产定价、个人投资者行为和公司金融等领域都留下了不可磨灭的印记，并继续取得令人兴奋的实证和理论进展。
《行为金融学进展》第二卷是该领域必不可少的新资源。它介绍了 20 篇由顶尖专家撰写的最新论文，这些论文说明了行为金融学的持久力量——个人市场主体偏离完全理性决策的具体行为如何能够解释原本令人费解的市场现象。与第一卷一样，它超越了金融世界，有力地表明了在经济生活的其他领域采用行为方法的重要性。
撰稿人包括 Brad M. Barber、Nicholas Barberis、Shlomo Benartzi、John Y. Campbell、Emil M. Dabora、Daniel Kent、François Degeorge、Kenneth A. Froot、J. B. Heaton、David Hirshleifer、Harrison Hong、Ming Huang、Narasimhan Jegadeesh、Josef Lakonishok、Owen A. Lamont、Roni Michaely、Terrance Odean、Jayendu Patel、Tano Santos、Andrei Shleifer、Robert J. Shiller、Jeremy C. Stein、Avanidhar Subrahmanyam、Richard H. Thaler、Sheridan Titman、Robert W. Vishny、Kent L. Womack 和 Richard Zeckhauser。
This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances.
Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life.
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