Behavioral Finance: Investors, Corporations, and Markets by H. Kent Baker

By H. Kent Baker

A definitive advisor to the turning out to be box of behavioral financeThis trustworthy source offers a entire view of behavioral finance and its mental foundations, in addition to its purposes to finance. Comprising contributed chapters written by way of exceptional authors from the most influential companies and universities on the earth, Behavioral Finance presents a synthesis of the main crucial components of this self-discipline, together with mental options and behavioral biases, the behavioral points of asset pricing, asset allocation, and marketplace costs, in addition to investor habit, company managerial habit, and social influences.Uses a established method of positioned behavioral finance in perspectiveRelies on contemporary learn findings to supply counsel throughout the maze of theories and conceptsDiscusses the influence of sub-optimal monetary judgements at the potency of capital markets, own wealth, and the functionality of corporationsBehavioral finance has fast turn into a part of mainstream finance. if you want to realize a greater realizing of this subject, glance no extra than this booklet.

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Extra resources for Behavioral Finance: Investors, Corporations, and Markets (Robert W. Kolb Series)

Example text

Dyckman, 1964), some subjects might see financial statements reporting high income, but reporting in a footnote that inventory was accounted for under the first-in-first-out (FIFO) method, while the remaining subjects see financial statements reporting low income, but reporting in a footnote that inventory was accounted for under the last-in-first-out (LIFO) method. Analysis of the footnote would indicate that performance was identical in the two versions, but that in a period of rising prices, LIFO accounting results in lower income and smaller ending inventory than FIFO.

Amsterdam: Elsevier. P1: OTA/XYZ P2: ABC c01 JWBT306-Baker July 19, 2010 20 11:46 Printer Name: Hamilton Foundation and Key Concepts Benartzi, Shlomo. 2001. Excessive extrapolation and the allocation of 401(k) accounts to company stock. Journal of Finance 56:5, 1747–1764. ——, and Richard Thaler. 2001. Na¨ıve diversification strategies in retirement savings plans. American Economic Review 91:1, 79–98. , David Laibson, Brigitte C. Madrian, and Andrew Metrick. 2004. For better or for worse: Default effects and 401(k) savings behavior.

These researchers will be providing the fundamental groundwork needed to identify the settings in which behavioral finance is most useful, and equally important, will be stating arguments that are difficult for traditionalists to refute: Behavioral approaches are more useful in some finance settings than others. The final group will be those who identify the finance settings in which behavioral forces are widely viewed to be only weakly disciplined such as decisions by individual managers in poorly functioning labor markets.

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