Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Paperback | May 3, 2007

byHersh Shefrin

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Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentalsof human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financialstrategy. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin pointsout the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin,the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investmentstrategies.

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Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentalsof human nature. In Beyond Greed and Fear, th...

Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.

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Format:PaperbackDimensions:368 pages, 6.1 × 9.21 × 1.3 inPublished:May 3, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195304217

ISBN - 13:9780195304213

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Table of Contents

PrefacePart I: What Is Behavioral Finance1. Introduction2. Heuristic-Driven Bias: The First Theme3. Frame Dependence: The Second Theme4. Inefficient Markets: The Third ThemePart II: Prediction5. Trying to Predict the Market6. Sentimental Journey: The Illusion of Validity7. Picking Stocks to Beat the Market8. Biased Reactions to Earnings AnnouncementsPart III: Individual Investors9. "Get-Evenitis": Riding Losers Too Long10. Portfolios, Pyramids, Emotions, and Biases11. Retirement Saving: Myopia and Self-ControlPart IV: Institutional Investors12. Open-Ended Mutual Funds: Misframing, "Hot Hands", and Obfuscation Games13. Closed-End Funds: What Drives Discounts?14. Fixed Income Securities: The Full Measure of Behavioral Phenomena15. The Money Management Industry: Framing Effects, Style "Diversification", and RegretPart V: The Interface between Corporate Finance and Investment16. Corporate Takeovers and the Winner's Curse17. IPOs: Initial Underpricing, Long-term Underperformance, and "Hot-Issue" Markets18. Optimism in Analysts' Earnings Predictions and Stock RecommendationsPart VI: Options, Futures, and Foreign Exchange19. Options: How They're Used, How They're Priced, and How They Reflect Sentiment20. Commodity Futures: Orange Juice and Sentiment21. Excessive Speculation in Foreign Exchange MarketsFinal RemarksNotesReferencesCreditsIndex

Editorial Reviews

"One edition of this work should be in every investment collection"--CHOICE, H. Mayo