Titlebook: Behavioral Finance and Capital Markets; How Psychology Influ Adam Szyszka Book 2013 Adam Szyszka 2013 asset pricing.behavioral finance.capi

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Alessandro Morbidelli,Christiane Froeschléarket. It shows how psychological factors described in the previous chapter may impact investors’ beliefs about future price changes, influence the perception of company value, investment selection, and portfolio management. The discussion that follows usually focuses on individual players, but may

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https://doi.org/10.1007/978-981-15-6041-5started in the United States with the burst of the real estate bubble and the credit crunch. Soon the crisis spread globally. Its spin-off effects revealed major weaknesses of the Eurozone, particularly unbearable levels of public and private indebtness in a few member states.

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Gottfried Eckart,Dietrich Putzer temporary market anomalies. We investigate how investor biases and market inefficiency may impact financial and investment policy of corporations. In the area of financial decisions, we study equity offerings, stock repurchases, debt issues and asset exchange offers, and dividend policy. In regard

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https://doi.org/10.1007/978-3-319-47280-5tors and corporate managers. With respect to corporate managers, first, we showed how rational managers may attempt to exploit investor irrationality and market inefficiency (chapter 7). Later, we argued that not only investors, but also corporate managers might be subject to psychological biases an

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https://doi.org/10.1007/978-3-319-47280-5n the psychology literature were later transposed onto economics and finance in an attempt to explain the real behavior of market participants. Typically, most of the focus on the irrational behavior of investors.

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https://doi.org/10.1007/978-3-319-47280-5ns made against them by the proponents of the behavioral school. Further on, it demonstrated the relationship among psychological factors, irrational investor behavior, and capital market anomalies. Alternative explanations for specific phenomena and discussions between the opponents and supporters

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Introduction frictions such as transaction costs or taxes, and easy access to information for all market participants. Although many of the assumptions of the neoclassical theory were unrealistic, financial economists initially accepted it because its predictions seemed to fit reality. It was not until much lat

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Behavioral Approach versus Neoclassical Financelassical financial economics do not take into account the possibility of decision maker irrationality. It is often assumed that irrational investors are not coordinated and therefore their behavior cancels out. And even if irrationality becomes strong and common among a large group of investors, it