Finance and the Behavioral Prospect: Risk, Exuberance, and Abnormal Markets

von James Ming Chen
Taschenbuch - 9783319813516
139,09 €
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Hardcover - 9783319327105
139,09 €

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Weitere Formate

Hardcover - 9783319327105
139,09 €

Beschreibung

This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with “affect.” Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.

Details

Verlag Springer International Publishing
Ersterscheinung Juli 2018
Maße 210 mm x 148 mm x 19 mm
Gewicht 459 Gramm
Format Taschenbuch
ISBN-13 9783319813516
Auflage Softcover reprint of the original 1st ed. 2016
Seiten 356

Schlagwörter