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Beyond Greed and Fear By Hersh Shefrin

Beyond Greed and Fear

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Why do most financial decision-making models fail to factor in basic human nature? This guide to what really influences the decision-making process applies psychological research to stock selection, financial services and corporate financial strategy, using real-world examples.

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Beyond Greed and Fear Summary


Beyond Greed and Fear: Understanding Behavioural Finance and the Psychology of Investing by Hersh Shefrin

Bias, sentiment and personal opinions cloud the judgement of even the best Wall Street investors, so why do most financial decision-making models fail to factor in basic human nature? In this work, a guide to what really influences the decision-making process, Hersh Shefrin applies psychological research to stock selection, financial services, and corporate financial strategy. Through colourful, often real-world examples, Shefrin points out the common mistakes that money managers, security analysts, financial planners, investment bankers and corporate leaders make so that readers gain insights into their own financial decisions.

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Beyond Greed and Fear Reviews


"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
"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


"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
"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 berequired reading for portfolio managers and traders."--W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments

"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
"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. VanHarlow III, President and CIO, Strategic Advisors, Fidelity Investments


"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


"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


About Hersh Shefrin



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

Table of Contents


Part I What is Behavioral Finance?: Introduction; Heuristic-Driven Bias: The First Theme; Frame Dependence: The Second Theme; Inefficient Markets: The Third Theme. Part II Prediction: Trying to Predict the Market; Sentimental Journey: The Illusion of Validity; Picking Stocks to Beat the Market; Biased Reactions to Earnings Announcements. Part III Individual Investors: Get-Evenitis - Riding Losers Too Long; Portfolios, Pyramids, Emotions, and Biases; Retirement Saving - Myopia and Self-Control. Part IV Institutional Investors: Open-Ended Mutual Funds - Misframing, Hot Hands, and Obfuscation Games; Closed-Ends Funds - What Drives Discounts?; Fixed Income Securities - The Full Measure of Behavioral Phenomena; The Money Management Industry - Framing Effects, Style Diversification, and Regret. Part V The Interface between Corporate Finance and Investment: Corporate Takeovers and the Winner's Curse; IPOs - Initial Underpricing, Long-term Underperformance, and Hot-Issue Markets; Optimism in Analysts' Earnings Predictions and Stock Recommendations. Part VI Options, Futures, and Foreign Exchange: Options - How They're Used, How They're Priced, and How They Reflect Sentiment; Commodity Futures - Orange Juice and Sentiment; Excessive Speculation in Foreign Exchange Markets.

Additional information

GOR008958536
Beyond Greed and Fear: Understanding Behavioural Finance and the Psychology of Investing by Hersh Shefrin
Hersh Shefrin
Financial Management Association Survey & Synthesis Series
Used - Like New
Hardback
Harvard Business Review Press
2000-03-22
368
0875848729
9780875848723
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
The book has been read, but looks new. The book cover has no visible wear, and the dust jacket is included if applicable. No missing or damaged pages, no tears, possible very minimal creasing, no underlining or highlighting of text, and no writing in the margins.