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A Survey of Behavioral Finance
Abstract
Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational.The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see.We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance.We close by assessing progress in the field and speculating about its future course.
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Cited by
Who makes acquisitions? CEO overconfidence and the market's reaction☆
MALMENDIER, U., & TATE, G. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.002 · Cited by 2,754
Psychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2007) · Journal of Political Economy · doi:10.1086/524204 · Cited by 992
Ambiguity, Information Quality, and Asset Pricing
EPSTEIN, L. G., & SCHNEIDER, M. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01314.x · Cited by 833
Exponential Growth Bias and Household Finance
STANGO, V., & ZINMAN, J. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01518.x · Cited by 828
Metadata
- Venue
- The Lottery Mindset: Investors, Gambling and the Stock Market
- Publisher
- Palgrave Macmillan
- Published
- 2015-02-13
- OpenAlex
- W3123819895
- Cited by
- 1,220
- References
- 0
- FWCI
- 405.54
- Type
- book chapter
- Language
- en
- Open access
- closed
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