The DOI matches its Crossref record; 44 of the 44 references it cites were found in a registry or an index.
Behaviorial Finance: Past Battles and Future Engagements
Abstract
Market efficiency is at the center of the battle of standard finance versus behavioral finance versus investment professionals. But the battle is not joined because the term “market efficiency” has two meanings. One meaning is that investors cannot systematically beat the market. The other is that security prices are rational. Rational prices reflect only utilitarian characteristics, such as risk, not value-expressive characteristics, such as sentiment. Behavioral finance has shown, however, that value-expressive characteristics matter in both investor choices and asset prices. Therefore, the discipline of finance would do well to accept the first meaning of market efficiency and reject the notion that security prices are rational. We could then stop fighting the market efficiency battle and focus on exploring (1) asset-pricing models that reflect both value-expressive and utilitarian characteristics and (2) the benefits, both utilitarian and value expressive, that investment professionals provide to investors.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
Judgment under Uncertainty: Heuristics and Biases
Tversky, A., & Kahneman, D. (1975) · Utility, Probability, and Human Decision Making · doi:10.1007/978-94-010-1834-0_8 · Cited by 22,650
The Cross‐Section of Expected Stock Returns
FAMA, E. F., & FRENCH, K. R. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04398.x · Cited by 17,261
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
Judgment under Uncertainty: Heuristics and Biases
(1982) · doi:10.1017/cbo9780511809477 · Cited by 8,240
Does the Stock Market Overreact?
De BONDT, W. F. M., & THALER, R. (1985) · The Journal of Finance · doi:10.1111/j.1540-6261.1985.tb05004.x · Cited by 7,578
Judgment Under Uncertainty: Heuristics and Biases.
Shafer, G. R., Kahnerman, D., Slovic, P., & Tversky, A. (1984) · Journal of the American Statistical Association · doi:10.2307/2288362 · Cited by 5,657
FAMA, E. F. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04636.x · Cited by 5,350
Judgment under uncertainty: List of contributors
Kahneman, D. J., Slovic, P., & Tversky, A. (1982) · Cited by 4,670
Cited by
Behavioral finance: Finance with normal people
Statman, M. (2014) · Borsa Istanbul Review · doi:10.1016/j.bir.2014.03.001 · Cited by 183
Self-citation
Metadata
- Authors
- Statman, M.
- Venue
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Published
- 1999-11
- Volume
- 55
- Issue
- 6
- Pages
- 18-27
- ISSN
- 0015-198X (ISSN-L)
- 1938-3312
- OpenAlex
- W2153920944
- Cited by
- 357
- References
- 44
- FWCI
- 4.10
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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