Irrational Exuberance Reconsidered

The Cross Section of Stock Returns
2. Auflage Softcover version of original hardcover Auflage 2004
ISBN: 978-3-642-05726-7
Verlag: Springer

Buch, Englisch, 230 Seiten, Paperback, Format (B × H): 155 mm x 235 mm, Gewicht: 376 g

Reihe: Springer Finance

Does the stock market overreact? Recent capital market turbulences have cast doubt whether the behaviour of stock markets is in line with rational investor behaviour. To which extent stock returns are predictable is the question at the heart of the controversy between the paradigms of rational asset pricing and behavioural finance. This new and revised edition discusses the empirical evidence from both perspectives. Theory and empirical analysis are blended with feedback from security analysts to offer a road towards a deeper understanding of the underlying forces to drive performance in the stock market.

In his book "Irrational Exuberance" Robert Shiller offered an analysis of the US stock market in 2000. The focus of his book was the level of the stock market, which he thought to be overvalued at the time. This monograph offers a complementary analysis of the cross section of stock returns.

Zielgruppe

Research

Autoren/Hrsg.

Külpmann, Mathias

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Mathematik | Informatik Mathematik Numerik und Wissenschaftliches Rechnen Angewandte Mathematik, Mathematische Modelle
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik

Inhaltsverzeichnis

I Irrational Exuberance Reconsidered.- 1 Stock Market Overreaction and Portfolio Management — An Interview with Barbara Rega, CFA, and Bernd Meyer, CFA.- 2 Scope of Analysis.- II Overshooting in the Cross Section of Stock Returns: The Winner-Loser Effect.- 3 Literature.- 4 Empirical Evidence for Germany.- III Explaining the Cross Section of Stock Returns: CAPM versus Fundamentals.- 5 Explaining the Winner-Loser Effect: Theory.- 6 The CAPM and the Winner-Loser Effect.- 7 Fundamentals and the Winner-Loser Effect.- 8 Fundamentals versus Beta — What Drives Stock Returns?.- IV Corporate Control.- 9 Reversals in Stock Returns and Temporary Problems of Corporate Control.- Conclusion.- References.- Author Index.- About the Author.