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Investor Psychology and Asset Pricing

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  • David Hirshleifer

Abstract

The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both "risk" and "misvaluation". This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models. Copyright The American Finance Association 2001.

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Bibliographic Info

Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 56 (2001)
Issue (Month): 4 (08)
Pages: 1533-1597

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Handle: RePEc:bla:jfinan:v:56:y:2001:i:4:p:1533-1597

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