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Review of Shleifer's Inefficient Markets

Author

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  • Jeffrey Zwiebel

Abstract

This excellent book provides the reader with a broad introduction to, and a powerful advocacy of, behavioral finance. In the tradition of the best of the Clarendon Lecture Series, Andrei Shleifer provides a clear context and motivation for a collection of his influential ideas in this field, emphasizing central themes that link together the wide scope of this work. Topics include: investor sentiment, the limits of arbitrage, the closed-end fund puzzle, positive feedback investment, and both market overreaction and underreaction to news, as well as general discussions on the motivation for this research and promising future directions.

Suggested Citation

  • Jeffrey Zwiebel, 2002. "Review of Shleifer's Inefficient Markets," Journal of Economic Literature, American Economic Association, vol. 40(4), pages 1215-1220, December.
    • Handle: RePEc:aea:jeclit:v:40:y:2002:i:4:p:1215-1220
    Note: DOI: 10.1257/002205102762203602
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    References listed on IDEAS

    as
    1. Lee, Charles M C & Shleifer, Andrei & Thaler, Richard H, 1991. "Investor Sentiment and the Closed-End Fund Puzzle," Journal of Finance, American Finance Association, vol. 46(1), pages 75-109, March.
    2. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
    3. Jegadeesh, Narasimhan & Titman, Sheridan, 1993. "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," Journal of Finance, American Finance Association, vol. 48(1), pages 65-91, March.
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    Cited by:

    1. Andreas Bjerre-Nielsen & Martin Benedikt Busch, 2022. "Statistical inference in social networks: how sampling bias and uncertainty shape decisions," Papers 2205.13046, arXiv.org.

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