Behavioral Finance and Capital Markets

How Psychology Influences Investors and Corporations
2013. Auflage 2013
ISBN: 978-1-137-33874-7
Verlag: Springer

Buch, Englisch, 335 Seiten, Format (B × H): 156 mm x 244 mm, Gewicht: 6164 g

Behavioral Finance helps investors understand unusual asset prices and empirical observations originating out of capital markets. At its core, this field of study aids investors in navigating complex psychological trappings in market behavior and making smarter investment decisions. Behavioral Finance and Capital Markets reveals the main foundations underpinning neoclassical capital market and asset pricing theory, as filtered through the lens of behavioral finance. Szyszka presents and classifies many of the dynamic arguments being made in the current literature on the topic through the use of a new, ground-breaking methodology termed: the General Behavioral Asset Pricing Model (GBM). GBM describes how asset prices are influenced by various behavioral heuristics and how these prices deviate from fundamental values due to irrational behavior on the part of investors. The connection between psychological factors responsible for irrational behavior and market pricing anomalies is featured extensively throughout the text. Alternative explanations for various theoretical and empirical market puzzles - such as the 2008 U.S. financial crisis - are also discussed in a convincing and interesting manner. The book also provides interesting insights into behavioral aspects of corporate finance.

Zielgruppe

Research

Autoren/Hrsg.

Szyszka, A.

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Sozialwissenschaften Psychologie Psychologische Disziplinen Wirtschafts-, Arbeits- und Organisationspsychologie
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Verhaltensökonomik

Inhaltsverzeichnis

1. Behavioral Approach Versus Neoclassical Theory of Finance.- 2. Psychological Aspects of Decision Making.- 3. Investor Behavior.- 4. Asset Pricing Anomalies and Investment Strategies.- 5. Market-wide Consequences of Behavioral Biases.- 6. Behavioral Insights into Financial Crisis.- 7. Rational Corporations in Irrational Markets.- 8. Managerial Biases in Corporate Policy.- 9. Empirical Evidence on Managerial Practice.- 10. Heuristics and Biases Among Corporate Managers.

Über Autor(innen)

Adam Szyszka is a Professor of finance and economics at the Warsaw School of Economics and at the Poznan University of Economics, Poland. Professor Szyszka was the Fulbright Doctoral Scholar and later the Kosciuszko Foundation Postdoctoral Fellow at the Columbia University in New York. He participated in seminars and lectured at a number of internationally known institutions of higher education including Harvard Business School, Freie Universitaet in Berlin, Tsinghua University in Beijing, and the University of Adelaide in Australia. He has also served as a consultant to PricewaterhouseCoopers, an investment banker in Bank Millennium, and a partner in AT INVEST, which he co-founded.