BEYOND GREED AND FEAR
Understanding Behavioral Finance and the Psychology of Investing
Hersh Shefrin
Harvard Business School Press, 2000
LEARNING OBJECTIVES:
Readers of this book will be familiar with the body of current knowledge on behavioral finance and be able to apply that knowledge to understanding market changes.
This book reviews research on behavioral finance. This field was given enormous impetus by Daniel Kahneman, Paul Slovic, and Amos Tversky's 1982 book, JUDGMENT UNDER UNCERTAINTY: HEURISTICS AND BIASES. Analysts use rules of thumb, or heuristics, to process data. The imperfections in such simplified rules introduce error. The form, or frame, of a decision problem influences decisions beyond the objective lens of risk and return. These biases and framing effects cause market prices to deviate from fundamental values, causing markets to be inefficient.
Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University, Santa Clara, California.
10 CE credits; 310 pages
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