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Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates (Wiley Finance), by Edwin Burton, Sunit Shah
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An in-depth look into the various aspects of behavioral finance
Behavioral finance applies systematic analysis to ideas that have long floated around the world of trading and investing. Yet it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. That is why Edwin Burton has written Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates.
Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Topics addressed include noise trader theory and models, research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and serial correlation patterns in stock price data. Along the way, Burton shares his own views on behavioral finance in order to shed some much-needed light on the subject.
- Discusses the Efficient Market Hypothesis (EMH) and its history, and presents the background of the emergence of behavioral finance
- Examines Shleifer's model of noise trading and explores other literature on the topic of noise trading
- Covers issues associated with anomalies and details serial correlation from the perspective of experts such as DeBondt and Thaler
- A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book
In order to achieve better investment results, we must first overcome our behavioral finance biases. This book will put you in a better position to do so.
- Sales Rank: #227306 in eBooks
- Published on: 2013-03-20
- Released on: 2013-03-20
- Format: Kindle eBook
From the Inside Flap
Behavioral finance applies systematic analysis to ideas that have long existed in the world of trading and investing. However, it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. In Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates, Edwin Burton and Sunit Shah put behavioral finance under the microscope to help you gain a better understanding of the various aspects of this subset of behavioral economics.
Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Burton and Shah examine the psychological research pioneered by Kahneman and Tversky—including anomalies such as consumer choice with certainity and uncertainity, perception biases, and reading into randomness—that underlies behavior in financial markets. They discuss the Efficient Market Hypothesis (EMH), summarize its history, and present the background of the emergence of behavioral finance. The book also explores the key components of Shleifer's model of noise trading and explains the importance of this model in the larger context of behavioral finance. Burton and Shah include essential information on noise traders and the law of one price as well as the case of fungibility. The book also contains an exploration of noise trading feedback models such as the Hirshleifer model.
Further, Behavioral Finance reviews serial correlation patterns in stock price data from the perspective of experts such as DeBondt and Thaler. The book puts the Capital Asset Pricing Model to the test and reveals why Fama-French is a milestone for behavioral finance. Along the way, Burton and Shah share their own views on this important area of finance and shed some much needed light on the subject.
From the Back Cover
Historically, economics has assumed that financial markets are efficient, or that an asset's market price at any given point in time reflects its underlying value. However, there now exists a considerable accumulation of evidence that supports the behavioral finance point of view that this need not be the case. Divided into five comprehensive parts, Behavioral Finance offers investors an in-depth guide to the evolving science of behavioral finance. Written by Edwin Burton and Sunit Shah—economics experts with experience in both academia and the financial marketplace—this reliable resource illuminates the wide variety of issues that comprise behavioral finance.
The book explores the Efficient Market Hypothesis, highlights noise trader theory and models including the noted Shleifer model, examines research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and offers an examination of serial correlation patterns in stock price data.
To achieve better investment results, we must first overcome our behavioral biases. This book will put you in a better position to do so.
About the Author
EDWIN T. BURTON is a Professor of Economics at the University of Virginia, where he has taught behavioral finance to more than 1,800 students in the past six years. He is an active investment consultant for pension funds and endowments and is a Trustee of the Virginia Retirement System. Burton's Wall Street history includes senior positions at Smith Barney, Rothschild Inc., and Interstate/Johnson Lane. He has been an economics professor since 1969 including eleven years on the faculty at Cornell University. Burton currently serves on two public company boards (SL Green Realty Corporation and Virginia National Bank) and numerous private company boards. He first joined the faculty at the University of Virginia in 1988. Burton received his doctorate from Northwestern University in economics and his undergraduate degree in economics from Rice University.
SUNIT N. SHAH's experience in finance includes seven years of financial modeling for Life Settlement Consulting and Management, a position at Stanfield Capital Partners modeling movements of credit spreads, and corporate finance analysis at the Boston Consulting Group for a billion-dollar household products company. Prior work also includes founder's roles in both a dot com and a financial start-up as well as consulting for firms such as Investure, LLC and the CFA Institute. Over the past ten years, Shah has taught a number of introductory, intermediate, and advanced undergraduate economics courses in microeconomics, statistics, and finance. Shah received his doctorate in economics as well as his bachelor's in mathematics and economics from the University of Virginia.
Most helpful customer reviews
8 of 8 people found the following review helpful.
Nice book
By Dimitri Shvorob
The book is overpriced for its 200+ small pages, and undercooked - see the easy-to-spot things like the clearly unnecessary model detail on p. 57, or the at-first-glance-technical discussion of DeLong et al. (1990) failing to explain the model's workings - but it is a good book, far superior to Wiley's earlier offering, Montier's low-quality, heavily padded "Behavioral investing". "Psychology" (think Kahneman and Tversky) takes up about 90 pages, and "finance" gets 130, devoting most space to empirical tests of "value" and momentum/reversal effects. The latter focus contributes to a feeling that the book gives only a partial view of the field, but, again, it's much better than the alternative.
1 of 3 people found the following review helpful.
It was Vacillation
By William L. Griffith
I found the author a bit wishy'washy as if he feared alienating his peers. First he presented arguments negating the efficient market hypothesis and then he later defended it and gave poor reasoning for his vacillation. All I know is that only a fool believes he can outperform the index stocks on any consistent basis.
0 of 1 people found the following review helpful.
Easy to understand
By Tom_Turner
Good book. Hate the class. This helps.
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