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Inefficient Markets: An Introduction to Behavioral Finance

3.91  ·  Rating Details ·  77 Ratings  ·  6 Reviews
The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finan ...more
Paperback, 224 pages
Published April 20th 2000 by Oxford University Press, USA (first published 2000)
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Yuekun Liu
Aug 30, 2016 Yuekun Liu rated it it was amazing
This is the text book of Wurgler’s behavioural finance class. The book is a collection of papers. Short, simple and systematic.

Andrei Shleifer states that the behavioural finance theory rests on two major foundations. The first is limited arbitrage, and the second the investor sentiment (how real-world investors actually form their beliefs).

The first four chapters focus on the limited arbitrage. The key point it that securities do not have perfect substitutes, or even the substitutes exist, th
...more
Bill
Nov 30, 2012 Bill rated it it was amazing
Very good summary of Shleifer's contributions to behaviourial finance - lucid writing. It has a significant amount of mathematics though, which is used in an academic manner. As a 19 year old kid stuck in NS, that characteristic of the book did not help me to understand his theory better, but I sure hope that I will be and can definitely see myself pleasantly surprised by the clear mathematical presentation of theory when I read this again during/after university.
Ashley
Mar 31, 2014 Ashley rated it it was amazing
I am a finance undergrad who read this book for a research paper on the efficient market hypothesis and behavioral finance in contemporary investing. This book is wonderful. If you ever want an introduction to EMH and behavioral finance, this book should be your first stop.
Steve
Sep 24, 2014 Steve rated it it was amazing
Shelves: econ-pol
I read this book when it first came out and have re-read it several times, it's so good. It's the best book on this subject that I know. I have been dipping my toe in this area ever since.
Michael Quinn
Oct 10, 2011 Michael Quinn rated it it was amazing
Certainly not the easiest read, and definitely not for everyone, but this is by far the most intense and insightful book I've read yet on behavioral finance.
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