From Efficient Markets Theory to Behavioral Finance
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چکیده
منابع مشابه
From Efficient Markets Theory to Behavioral Finance
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متن کاملFrom Efficient Market Theory to Behavioral Finance
The efficient markets theory reached the height of its dominance in academic circles around the 1970s. Faith in this theory was eroded by a succession of discoveries of anomalies, many in the 1980s, and of evidence of excess volatility of returns. Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a ...
متن کاملFrom Ef cient Markets Theory to Behavioral Finance
A cademic nance has evolved a long way from the days when the ef cient markets theory was widely considered to be proved beyond doubt. Behavioral nance—that is, nance from a broader social science perspective including psychology and sociology—is now one of the most vital research programs, and it stands in sharp contradiction to much of ef cient markets theory. The ef cient markets th...
متن کاملReconciling Efficient Markets with Behavioral Finance : the Adaptive Markets
T he battle between proponents of the Efficient Markets Hypothesis and champions of be-havioral finance has never been more pitched, and little consensus exists as to which side is winning or the implications for investment management and consulting. In this article, I review the case for and against the Efficient Markets Hypothesis and describe a new framework—the Adaptive Markets Hypothesis—i...
متن کاملFrontiers of finance: evolution and efficient markets.
In this review article, we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions of research, some focusing on more elaborate mathematical models that are capable of rationalizing the empirical facts, others taking a completely different ...
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ژورنال
عنوان ژورنال: Journal of Economic Perspectives
سال: 2003
ISSN: 0895-3309
DOI: 10.1257/089533003321164967