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Investor Psychology and Asset Pricing

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Author Info
Hirshleifer, David

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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.

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File URL: http://mpra.ub.uni-muenchen.de/5300/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5300.

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Date of creation: 10 Feb 2001
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Publication status: Published in Journal of Finance 4. 56(2001): pp. 1533-1597
Handle: RePEc:pra:mprapa:5300

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Related research
Keywords: investor psychology asset pricing behavioral finance behavioral economics anomalies misvaluation risk decision biases emotions decision bias arbitrage capital markets

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Find related papers by JEL classification:
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
G1 - Financial Economics - - General Financial Markets
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Gollier, Christian & Jullien, Bruno & Treich, Nicolas, 2000. "Scientific progress and irreversibility: an economic interpretation of the 'Precautionary Principle'," Journal of Public Economics, Elsevier, vol. 75(2), pages 229-253, February. [Downloadable!] (restricted)
  2. Minh Ha-Duong & Michael Grubb & Jean-Charles Hourcade, 1997. "Influence of socioeconomic inertia and uncertainty on optimal CO2-emission abatement," Post-Print halshs-00002452_v1, HAL. [Downloadable!]
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