Preface
Part I: What Is Behavioral Finance
1: Introduction
2: Heuristic-Driven Bias: The First Theme
3: Frame Dependence: The Second Theme
4: Inefficient Markets: The Third Theme
Part II: Prediction
5: Trying to Predict the Market
6: Sentimental Journey: The Illusion of Validity
7: Picking Stocks to Beat the Market
8: Biased Reactions to Earnings Announcements
Part III: Individual Investors
9: "Get-Evenitis": Riding Losers Too Long
10: Portfolios, Pyramids, Emotions, and Biases
11: Retirement Saving: Myopia and Self-Control
Part IV: Institutional Investors
12: Open-Ended Mutual Funds: Misframing, "Hot Hands", and
Obfuscation Games
13: Closed-End Funds: What Drives Discounts?
14: Fixed Income Securities: The Full Measure of Behavioral
Phenomena
15: The Money Management Industry: Framing Effects, Style
"Diversification", and Regret
Part V: The Interface between Corporate Finance and Investment
16: Corporate Takeovers and the Winner's Curse
17: IPOs: Initial Underpricing, Long-term Underperformance, and
"Hot-Issue" Markets
18: Optimism in Analysts' Earnings Predictions and Stock
Recommendations
Part VI: Options, Futures, and Foreign Exchange
19: Options: How They're Used, How They're Priced, and How They
Reflect Sentiment
20: Commodity Futures: Orange Juice and Sentiment
21: Excessive Speculation in Foreign Exchange Markets
Final Remarks
Notes
References
Credits
Index
Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.
"This refreshingly iconoclastic book awakens us all to how little
we know about financial markets, and how much we have to discover.
I particularly enjoyed the reference to the emperor's clothes worn
by the mutual fund industry. Shefrin's clear reaffirmation of the
fallibility of professional investors will lead even the most
impressionable of investors to consider, yet again, the advantages
of market indexing strategies."--John Bogle, Founder and Senior
Chairman, The Vanguard Group, and author, Common Sense on Mutual
Funds
"This book helps readers recognize, and avoid, bias and errors in
their financial decisions, and modify and, it is hoped, improve
their overall investment strategies."--JP Morgan Private Bank
Annual Summer Reading List
"Behavioral finance is about normal people and the markets that
drive them crazy. Shefrin's insights into these people and markets
will provide you with solutions to many financial puzzles--as you
read the book and long after you close it."--Meir Statman, Glenn
Klimek Professor of Finance, Leavey School of Business, Santa Clara
University
"Beyond Greed and Fear challenges your most fundamental assumptions
about investing and uncovers psychological traps that may prevent
you from achieving higher returns on your portfolio."--Martin S.
Fridson, Managing Director, Merrill Lynch & Co., and author, How to
Be a Billionaire
"Shefrin synthesizes a wealth of research and observations about
human behavior and financial anomalies into a broad and deep
perspective on financial markets. No other book so splendidly lays
out the fundamentals of behavioral finance."--Robert Shiller,
Stanley B. Resor Professor of Economics, Cowles Foundation for
Research in Economics, Yale University
"Beyond Greed and Fear is the first truly comprehensive behavioral
finance book written for practitioners. It should be required
reading for portfolio managers and traders."--W. Van Harlow III,
President and CIO, Strategic Advisors, Fidelity Investments
"Most books about financial markets overlook the human element--a
serious omission since people matter on Wall Street as well as on
Main Street. Beyond Greed and Fear is a fine examination of the
budding field of behavioral finance. I recommend it to anyone who
intends to trade with other human beings, or who is a human
being."--Richard H. Thaler, Robert P. Gwinn Professor of Behavioral
Science and Economics, Graduate School of Business,
University of Chicago
"Financial practitioners, argues the author, must acknowledege and
understand behavioral finance in order to avoid many of the
investment pitfalls caused by human error.--Business Horizons
"One edition of this work should be in every investment
collection"--CHOICE, H. Mayo
"This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies."--John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds "This book helps readers recognize, and avoid, bias and errors in their financial decisions, and modify and, it is hoped, improve their overall investment strategies."--JP Morgan Private Bank Annual Summer Reading List "Behavioral finance is about normal people and the markets that drive them crazy. Shefrin's insights into these people and markets will provide you with solutions to many financial puzzles--as you read the book and long after you close it."--Meir Statman, Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University "Beyond Greed and Fear challenges your most fundamental assumptions about investing and uncovers psychological traps that may prevent you from achieving higher returns on your portfolio."--Martin S. Fridson, Managing Director, Merrill Lynch & Co., and author, How to Be a Billionaire "Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance."--Robert Shiller, Stanley B. Resor Professor of Economics, Cowles Foundation for Research in Economics, Yale University "Beyond Greed and Fear is the first truly comprehensive behavioral finance book written for practitioners. It should be required reading for portfolio managers and traders."--W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments "Most books about financial markets overlook the human element--a serious omission since people matter on Wall Street as well as on Main Street. Beyond Greed and Fear is a fine examination of the budding field of behavioral finance. I recommend it to anyone who intends to trade with other human beings, or who is a human being."--Richard H. Thaler, Robert P. Gwinn Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago "Financial practitioners, argues the author, must acknowledege and understand behavioral finance in order to avoid many of the investment pitfalls caused by human error.--Business Horizons "One edition of this work should be in every investment collection"--CHOICE, H. Mayo
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