Behavioural Finance "Behavioral finance is the study of how psychology affects financial decision making and financial markets." SHEFRIN, Hersh (Editor), Behavioral Finance , 2001. 'This area of enquiry is sometimes referred to as "behavioral finance," but we call it "behavioral economics." Behavioral economics combines the twin disciplines of psychology and economics to explain why and how people make seemimgly irrational or illogical decisions when they spend, invest, save, and borrow money.' BELSKY, Gary and Thomas GILOVICH, Why Smart People Make Big Money Mistakes—and how to correct them : lessons from the new science of behavioral economics.
"Behavioral finance is a rapidly growing area that deals with the influence of psychology on the behavior of financial practitioners." SHEFRIN, Hersh, Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing.
"Behavioral finance is the application of psychology to financial behavior—the behavior of practitioners." SHEFRIN, Hersh, Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing. "I think of behavioral finance as simply "open-minded finance"." THALER, Richard H. (Editor), Advance in Behavioral Finance, 1993.
Introductory Papers [number in square brackets indicates number of Google results] BARBER, Brad M. and Terrance ODEAN, The Courage of Misguided Convictions, Financial Analysts Journal, November/December 1999. [about 55] "The field of modern financial economics assumes that people behave with extreme rationality, but they do not. Furthermore, peoples deviations from rationality are often systematic. Behavioral finance relaxes the traditional assumptions of financial economics by incorporating these observable, systematic, and very human departures from rationality into standard models of financial markets. We highlight two common mistakes investors make: excessive trading and the tendency to disproportionately hold on to losing investments while selling winners. We argue that these systematic biases have their origins in human psychology. The tendency for human beings to be overconfident causes the first bias in investors, and the human desire to avoid regret prompts the second."
BARBERIS, Nick, B539: AN INTRODUCTION TO BEHAVIORAL FINANCE, WINTER 2001. [2]
BARBERIS, Nicholas and Richard THALER, A Survey of Behavioral Finance, August 2001. [about 192] "Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be diffcult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance. We close by assessing progress in the field and speculating about its future course."
BONETTI, Shane, Topics in Finance, 2001. [about 8]
BRABAZON, Tony, Behavioural Finance: A new sunrise or a false dawn?, 2000. [4]
CAMERER, Colin F. and George LOEWENSTEIN, Behavioral Economics: Past, Present, Future, 2002. [about 16]
DIMSON, Elroy and Massoud MUSSAVIAN, Market Efficiency, The Current State of Business Disciplines, 2000. [10]
EINHORN, Hillel J. and Robin M. HOGARTH, Decision Making Under Ambiguity, Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory (Oct., 1986), S225-S250. [about 89]
FAMA, Eugene F., Market efficiency, long-term returns, and behavioral finance, Journal of Financial Economics, 1998. [about 629] "Market effciency survives the challenge from the literature on long-term return anomalies. Consistent with the market effciency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre-event abnormal returns is about as frequent as post-event reversal. Most important, consistent with the market effciency prediction that apparent anomalies can be due to methodology, most long-term return anomalies tend to disappear with reasonable changes in technique."
FRANKFURTER, George M. and Elton G. McGoun, Resistance is Futile: The Assimilation of Behavioral Finance. [about 9]
FULLER, Russell J., Behavioral Finance and the Sources of Alpha, 2000, Forthcoming, Journal of Pension Plan Investing, 1998. [about 24]
HIRSHLEIFER, David, Investor Psychology and Asset Pricing Investor Psychology and Asset Pricing, 2001. [about 252] "The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models."
HOGARTH, Robin M. and Melvin W. REDER, Editors' Comments: Perspectives from Economics and Psychology, Journal of Business, 1986. [about 13]
JOHNSSON, Malena, Henrik LINDBLOM and Peter PLATAN, Behavioral Finance - And the Change of Investor Behavior during and After the Speculative Bubble At the End of the 1990s, 2002. [about 2]
KLEIDON, Allan W., Anomalies in Financial Economics: Blueprint for Change?, Journal of Business, 1986. [about 18] "This paper examines the case for major changes in the behavioral assumptions underlying economic models, based on apparent anomalies in financial economics. Arguments for such changes based on claims of "excess volatility" in stock prices appear flawed for two main reasons: there are serious questions whether the phenomenon exists in the first place and, even if it did exist, whether radical change in behavioral assumptions is the best avenue for current research. The paper also examines other apparent anomalies and suggests conditions under which such behavioral changes are more or less likely to be adopted."
MICHAUD, Richard O., The Behavioral Finance Hoax, 2001. [about 13]
MULLAINATHAN, Sendhil, and Richard H. THALER, Behavioral Economics [less than 159] "Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect agents survive and influence market outcomes. We then discuss three important ways in which humans deviate from the standard economic model. Bounded rationality reflects the limited cognitive abilities that constrain human problem solving. Bounded willpower captures the fact that people sometimes make choices that are not in their long-run interest. Bounded self-interest incorporates the comforting fact that humans are often willing to sacrifice their own interests to help others. We then illustrate how these concepts can be applied in two settings: finance and savings. Financial markets have greater arbitrage opportunities than other markets, so behavioral factors might be thought to be less important here, but we show that even here the limits of arbitrage create anomalies that the psychology of decision making helps explain. Since saving for retirement requires both complex calculations and willpower, behavioral factors are essential elements of any complete descriptive theory."
PATEL, Jayendu, Richard ZECKHAUSER and Darryll HENDRICKS, The Rationality Struggle: Illustrations from Financial Markets, The American Economic Review, 1991. [about 27] "For most economists it is an article of faith that financial markets reach rational aggregate outcomes, despite the irrational behavior of some participants, since sophisticated players stande ready to capitalize on the mistakes of the naive. (This process, which we camm poaching, includes but is not limited to arbitrage.) Yet financial markets have been subject to speculative fads, from Dutch tulip mania to junk bonds, and to occasional dramatic losses in value, such as occurred in October 1987, that are hard to interpret as rational. Descriptive decision theory, especially psychology (see D. Kahneman et al., 1982), can help to explain such aberrant macrophenomena. Here we propose some behavioral explanations of overall market outcomes—specifically of financial flows, that are of considerable practical consequence to both policymakers and finance practitioners.
RABIN, Matthew, A Perspective on Psychology and Economics, Forthcoming, European Economic Review, 2001. [about 130] "This essay provides a perspective on the trend towards integrating psychology into economics. Some topics are discussed, and arguments are provided for why movement towards greater psychological realism in economics will improve mainstream economics."
RABIN, Matthew, Psychology and Economics, 1996. "Because psychology systematically explores human judgment, behavior, and well-being, it can teach us important facts about how humans differ from traditional economic assumptions. In this essay I discuss a selection of psychological findings relevant to economics. Standard economics assumes that each person has stable, well-defined preferences, and that she rationally maximizes those preferences. Section 2 considers what psychological research teaches us about the true form of preferences, allowing us to make economics more realistic within the rationalchoice framework. Section 3 reviews research on biases in judgment under uncertainty; because those biases lead people to make systematic errors in their attempts to maximize their preferences, this research poses a more radical challenge to the economics model. The array of psychological findings reviewed in Section 4 points to an even more radical critique of the economics model: Even if we are willing to modify our familiar assumptions about preferences, or allow that people make systematic errors in their attempts to maximize those preferences, it is sometimes misleading to conceptualize people as attempting to maximize well-defined, coherent, or stable preferences."
RABIN, Matthew, Psychology and Economics, Journal of Economic Literature, Volume 36, Issue 1 (Mar., 1998), 11-46. [about 550]
SALMON, Mark, Behavioural Finance and Market Psychology, 2001. [about 17]
SALMON, Mark, Behavioural Finance and Market Psychology, May 1, 2001. [about 17]
SCHMID, F.A., Behavioral Finance, 2002.
SHILLER, Robert J., Human Behavior and the Efficiency of the Financial System. [about 156] "Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology and anthropology. The behavioral principles discussed are: prospect theory, regret and cognitive dissonance, anchoring, mental compartments, overconfidence, over- and underreaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasimagical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture."
THALER, Richard H., The End of Behavioral Finance, Financial Analysts Journal, 1999. [about 60]
Undiscovered Managers, LLC, Introduction to Behavioral Finance, 1999. [about 10]
YARIV, Leeat, Mini-Course in Behavioral Economics. [1]
ZECKHAUSER, Richard, Jayendu PATEL and Darryll HENDRICKS, Nonrational Actors and Financial Market Behavior, 1991. [about 30]
Active Equity Management — "Anomalies", Behavioral Finance, and Efficient Markets [2]
A Bibliography of Behaviourial Finance.
Behavioral Finance.
Behavioral Finance: A Literature Review (in Chinese).
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