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Finance and the behavioral prospectr...

Chen, James Ming.

Finance and the behavioral prospectrisk, exuberance, and abnormal markets /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Finance and the behavioral prospectby James Ming Chen.
Reminder of title:	risk, exuberance, and abnormal markets /
Author:	Chen, James Ming.
Published:	Cham :Springer International Publishing :2016.
Description:	xii, 343 p. :ill., digital ;24 cm.
Contained By:	Springer eBooks
Subject:	InvestmentsPsychological aspects.
Online resource:	http://dx.doi.org/10.1007/978-3-319-32711-2
ISBN:	9783319327112$q(electronic bk.)

Finance and the behavioral prospectrisk, exuberance, and abnormal markets /
Chen, James Ming.

Finance and the behavioral prospectrisk, exuberance, and abnormal markets /[electronic resource] :by James Ming Chen. - Cham :Springer International Publishing :2016. - xii, 343 p. :ill., digital ;24 cm. - Quantitative perspectives on behavioral economics and finance. - Quantitative perspectives on behavioral economics and finance..

1 The Structure of a Behavioral Revolution -- 2 Mental Accounting, Emotional Hierarchies, and Behavioral Heuristics -- 3 Higher-Moment Capital Asset Pricing and Its Behavioral Implications -- 4 Tracking the Low-Volatility Anomaly Across Behavioral Space -- 5 The Intertemporal Capital Asset Pricing Model: Hedging Investment Risk Across Time -- 6 Risk Aversion -- 7 The Equity Risk Premium and the Equity Premium Puzzle -- 8 Prospect Theory -- 9 Specific Applications of Prospect Theory to Behavioral Finance -- 10 Beyond Hope and Fear: Behavioral Portfolio Theory -- 11 Behavioral Gaps Between Hypothetical Investment Returns and Actual Investor Returns -- 12 Irrational Exuberance: Momentum Crashes and Speculative Bubbles -- Conclusion: The Monster and the Sleeping Queen.

This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with "affect." Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.

ISBN: 9783319327112$q(electronic bk.)

Standard No.: 10.1007/978-3-319-32711-2doiSubjects--Topical Terms:

202604
Investments
--Psychological aspects.

LC Class. No.: HG4515.15 / .C44 2016

Dewey Class. No.: 332.6019

Finance and the behavioral prospectrisk, exuberance, and abnormal markets /
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245 1 0 $a Finance and the behavioral prospect $h [electronic resource] : $b risk, exuberance, and abnormal markets / $c by James Ming Chen.
260 $a Cham : $b Springer International Publishing : $b Imprint: Palgrave Macmillan, $c 2016.
300 $a xii, 343 p. : $b ill., digital ; $c 24 cm.
490 1 $a Quantitative perspectives on behavioral economics and finance
505 0 $a 1 The Structure of a Behavioral Revolution -- 2 Mental Accounting, Emotional Hierarchies, and Behavioral Heuristics -- 3 Higher-Moment Capital Asset Pricing and Its Behavioral Implications -- 4 Tracking the Low-Volatility Anomaly Across Behavioral Space -- 5 The Intertemporal Capital Asset Pricing Model: Hedging Investment Risk Across Time -- 6 Risk Aversion -- 7 The Equity Risk Premium and the Equity Premium Puzzle -- 8 Prospect Theory -- 9 Specific Applications of Prospect Theory to Behavioral Finance -- 10 Beyond Hope and Fear: Behavioral Portfolio Theory -- 11 Behavioral Gaps Between Hypothetical Investment Returns and Actual Investor Returns -- 12 Irrational Exuberance: Momentum Crashes and Speculative Bubbles -- Conclusion: The Monster and the Sleeping Queen.
520 $a This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with "affect." Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.
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