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Behavioural Finance
Insights into Irrational Minds and Markets
James Montier (Author)
9780470844878, Wiley
Hardback, published 3 September 2002
212 pages
25.4 x 17.8 x 1.9 cm, 0.54 kg
"...The finding is surprising, as the City is notoriously full of arrogant young men betting on financial markets…Mr Montier has unearthed bizarre facts which suggest stock markets are frequently driven by entirely irrational factors..." (The Daily Telegraph 25 November 2002) "...In a new book, James Montier…outlines practical methods for exploiting the anomalies thrown up by behavioural finance..." (Financial Times, 25 November 2002) "…a good introduction to this subject…." (Professional Investor, March 2003)
Behandelt ein brandheisses Thema, das zunehmend an Bedeutung gewinnt - die Behavioural Finance. Sie ist eine Teildisziplin der Finanzmarktforschung und beschäftigt sich mit der Psychologie von Investoren, d.h. damit, wie Marktteilnehmer Informationen auswählen und verarbeiten.
"Behavioural Finance" ist das erste Buch auf dem Markt, das die Theorie der Behavioural Finance mit der praktischen Investmentanalyse verknüpft.
Ein Leitfaden und Wegweiser für die praktische Marktanalyse aus Sicht der Behavioural Finance.
Es verbindet die Konzepte der Behavioural Finance mit messbaren Variablen und klügeren Investmententscheidungen.
Autor James Montier ist ein erfahrener Experte auf diesem Gebiet.
Preface. Introduction. 1. Psychological Foundations. Introduction. Biases of Judgement or Perception is Reality. Errors of Preference or There is No Such Thing as Context-free Decision Making. Conclusions. 2. Imperfect Markets and Limited Arbitrage. Introduction. Ketchup Economics. Efficiency and LOOP. Stock Market. Other Markets. Imperfect Substitutes. Limited Arbitrage. Positive Feedback Trading. Risk Management and Limited Arbitrage. On the Survival of Noise Traders. Informational Imperfections. Conclusions. 3. Style Investing. Introduction. The Data. The History. Potential Gains to Style Rotation. Life Cycle of an Investment Style. Value vs. Growth: Risk or Behavioural? Style Rotation. Quantitative Screens. Timing the Switch. Conclusions. 4. Stock Valuation. Introduction. Keynes' Beauty Competition. The (Ir)relevance of Fundamentals. Valuation and Behavioural Biases. Cost of Capital. Factors from Limited Arbitrage. An Analyst's Guide. 5. Portfolio Construction and Risk Management. Introduction. Covariances. Correlations. Distribution of Returns. Fat Tails or Outliers? 6. Asset Allocation. Introduction. Markets and Fundamentals. Dividend Yield, Spreads and Ratios. Earnings Yield, Spreads and Ratios. Payout Ratio. The Equity Risk Premium. Should Corporate Financiers be Running TAA? Market Liquidity. Crashes as Critical Points. 7. Corporate Finance. Introduction. Irrational Managers/Rational Markets. Rational Managers/Irrational Markets. Conclusions. 8. The Indicators. Introduction. Liquidity Measures. Sentiment Measures. Asset Allocation Measures. Earnings Measures. Technical Measures. Others. Final Thoughts. Bibliography. Index.
Subject Areas: Finance & accounting [KF]
