BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

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Autor
Cieślak Anna (Warsaw School of Economics, Poland)
Tytuł
Rethinking Traditional Paradigms : an Introduction to Behavioural Finance
Źródło
Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa, 2003, z. 33, s. 21-40, rys., bibliogr. 29 poz.
Słowa kluczowe
Finanse behawioralne, Rynki finansowe, Giełda papierów wartościowych, Psychologiczne aspekty ekonomii
Behavioural finance, Financial markets, Stock market, Psychological aspects of economics
Abstrakt
My objective in this paper is to review the core findings in behavioural literature. This overview is structured around two problems: market inefficiency and agents' irrationality. First, in order to place behavioural finance among other theories, I present the traditional framework for modeling financial markets (section 2). Second, I discuss some market phenomena that cannot be plausibly explained in terms of traditional finance. In the third step, some of the behavioural explanations are introduced as an alternative to the well-established paradigms (section 3). This part has been split into two main building blocks of behavioural research: limits to arbitrage (section 4) and psychology of market participants (section 5). Then, the concluding remarks follow (section 6).(fragment of text)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Barberis N., Thaler R., A Survey of Behavioral Finance, NBER working paper 9222, University of Chicago, 2001.
  2. Benartzi S., Thaler R.,: Myopic Loss Aversion and the Equity Premium Puzzle, "Quarterly Journal of Economics", No. 110, 1995, pp. 75-92.
  3. Campbell J. Y., Shiller R. J., The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors, "Review of Financial Studies", No. 1, 1988, pp. 195-228.
  4. De Bondt W. F. M., A portrait of the individual investor, "European Economic Review", No. 42, 1998, pp. 831-843.
  5. De Bondt W. F. M., Thaler R. H., Further Evidence on Investor Overreaction and Stock Market Seasonality, "The Journal of Finance", No. 42, 1987, pp. 557-581.
  6. De Bondt W. F. M., Thaler R. H., Does the Stock Market Overreact?, "The Journal of Finance", No. 40 (2), 1985, pp. 793-805.
  7. Fama E., Market Efficiency, Long-Term Returns, and Behavioral Finance, "The Journal of Financial Economics", No. 49, 1998, pp. 283-306.
  8. Froot K. A., Dabora E., How Are Stock Prices Affected by the Location of Trade, "The Journal of Financial Economics", No. 53, 1999, pp. 189-216.
  9. Goldberg J.,von Nitzsch R., Behavioral Finance. Gewinnen mit Kompetenz, FinanzBuch Verlag, München 2000.
  10. Kahneman D., Tversky A., On the psychology of prediction, "Psychological Review", No. 80, 1973, pp. 237-251.
  11. Kahneman D., Tversky A., Prospect Theory: An analysis of decision under risk, "Econometrica", No. 47, 1979, pp. 263-291.
  12. Kent D., Hirshleifer D., Subrahmanyam A., Investor Psychology and Security Market Under- and Overreactions, "The Journal of Finance", No. 53 (6), 1998, pp. 1839-1885.
  13. Lakonsihok J., Shleifer A., Vishny R. W., Contrarian Investment, Extrapolation, and Risk, "The Journal of Finance", No. 49 (5), 1994, pp. 1541-1578.
  14. Malkiel B., A Random Walk Down Wall Street, Norton, New York 1981.
  15. Mehra R., Prescott E. C., The Equity Premium: A Puzzle, "Journal of Monetary Economics", No. 15, pp. 145-162.
  16. Sharpe W., Alexander G., Investments, Prentice Hall, Englewood 1990.
  17. Shefrin H., Beyond Greed and Fear, Harvard Business School Press, Boston 2000.
  18. Shefrin H., Statman M., Behavioral Portfolio Theory, Working paper, Santa Clara University, 1999.
  19. Shefrin H., Thaler R., The Behavioral Life Cycle Hypothesis, "Economic Inquiry", No. 24, 1988, pp. 609-643.
  20. Shiller R. J., Human Behaviour and the Efficiency of the Financial System, NBER working paper 6375, Yale University 1998.
  21. Shiller R. J., Irrational Exuberance, Princeton University Press, Princeton 2000.
  22. Shleifer A., Inefficient Markets: An Introduction to Behavioral Finance, Oxford University Press, Oxford 2000.
  23. Siegel J., Stocks for the Long Run, Irwin, New York 1994.
  24. Spremann K., Finanzanalyse und Unternehmensbewertung, Oldenbourg Verlag, München 2002.
  25. "The Economist", Calling for the bands to strike up, June 20, 2002.
  26. "The Economist", Of pimps, punters and equities, March 22, 2002.
  27. "The Economist", Rethinking thinking, December 16, 1999.
  28. "The Economist", Valuation waltz, May 3, 2002.
Cytowane przez
Pokaż
ISSN
1234-8872
Język
eng
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