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Oxford University Press Inc
27 September 1999
Social, group or collective psychology; Occupational & industrial psychology; Finance & accounting; Investment & securities
Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance. --Robert Shiller, Stanley B. Resor Professor of Economics, Cowles Foundation for Research in Economics, Yale University Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.
By:   Hersh Shefrin (Mario L. Belotti Chair in Finance at Leavey School of Business Mario L. Belotti Chair in Finance at Leavey School of Business Santa Clara University)
Imprint:   Oxford University Press Inc
Country of Publication:   United States
Dimensions:   Height: 235mm,  Width: 155mm,  Spine: 31mm
Weight:   647g
ISBN:   9780195304213
ISBN 10:   0195304217
Series:   Financial Management Association Survey and Synthesis Series
Pages:   368
Publication Date:   27 September 1999
Audience:   Professional and scholarly ,  Undergraduate
Format:   Paperback
Publisher's Status:   Active
Preface Part I: What Is Behavioral Finance 1: Introduction 2: Heuristic-Driven Bias: The First Theme 3: Frame Dependence: The Second Theme 4: Inefficient Markets: The Third Theme Part II: Prediction 5: Trying to Predict the Market 6: Sentimental Journey: The Illusion of Validity 7: Picking Stocks to Beat the Market 8: Biased Reactions to Earnings Announcements Part III: Individual Investors 9: Get-Evenitis : Riding Losers Too Long 10: Portfolios, Pyramids, Emotions, and Biases 11: Retirement Saving: Myopia and Self-Control Part IV: Institutional Investors 12: Open-Ended Mutual Funds: Misframing, Hot Hands , and Obfuscation Games 13: Closed-End Funds: What Drives Discounts? 14: Fixed Income Securities: The Full Measure of Behavioral Phenomena 15: The Money Management Industry: Framing Effects, Style Diversification , and Regret Part V: The Interface between Corporate Finance and Investment 16: Corporate Takeovers and the Winner's Curse 17: IPOs: Initial Underpricing, Long-term Underperformance, and Hot-Issue Markets 18: Optimism in Analysts' Earnings Predictions and Stock Recommendations Part VI: Options, Futures, and Foreign Exchange 19: Options: How They're Used, How They're Priced, and How They Reflect Sentiment 20: Commodity Futures: Orange Juice and Sentiment 21: Excessive Speculation in Foreign Exchange Markets Final Remarks Notes References Credits Index

Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.

Reviews for Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

One edition of this work should be in every investment collection-CHOICE, H. Mayo Financial practitioners, argues the author, must acknowledege and understand behavioral finance in order to avoid many of the investment pitfalls caused by human error.-Business Horizons Most books about financial markets overlook the human element-a serious omission since people matter on Wall Street as well as on Main Street. Beyond Greed and Fear is a fine examination of the budding field of behavioral finance. I recommend it to anyone who intends to trade with other human beings, or who is a human being.-Richard H. Thaler, Robert P. Gwinn Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago Beyond Greed and Fear is the first truly comprehensive behavioral finance book written for practitioners. It should be required reading for portfolio managers and traders.-W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance.-Robert Shiller, Stanley B. Resor Professor of Economics, Cowles Foundation for Research in Economics, Yale University Beyond Greed and Fear challenges your most fundamental assumptions about investing and uncovers psychological traps that may prevent you from achieving higher returns on your portfolio.-Martin S. Fridson, Managing Director, Merrill Lynch & Co., and author, How to Be a Billionaire Behavioral finance is about normal people and the markets that drive them crazy. Shefrin's insights into these people and markets will provide you with solutions to many financial puzzles-as you read the book and long after you close it.-Meir Statman, Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University This book helps readers recognize, and avoid, bias and errors in their financial decisions, and modify and, it is hoped, improve their overall investment strategies. * JP Morgan Private Bank Annual Summer Reading List. * This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies.-John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds


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