James Montier
John Wiley & Sons
3e druk, 2004
9780470844878
Behavioural Finance
Insights in irrational minds and markets
Specificaties
Gebonden, 193 blz.
|
Engels
John Wiley & Sons |
3e druk, 2004
ISBN13: 9780470844878
Rubricering
Verwachte levertijd ongeveer 8 werkdagen
Samenvatting
'Behavioral finance' begint met het eenvoudige geloof dat in de echte wereld beleggers niet rationeel zijn. Bogend op vele jaren ervaring biedt James Montier u een praktisch en toch streng verslag van deze opkomende wetenschap door het verschaffen van inzichten in het irrationele karakter van beleggingsbeslissingen.
Specificaties
ISBN13:9780470844878
Trefwoorden:beleggen, aandelen, financiële markten
Taal:Engels
Bindwijze:gebonden
Aantal pagina's:193
Uitgever:John Wiley & Sons
Druk:3
Hoofdrubriek:Financieel management
Inhoudsopgave
Preface.
Introduction.
1. Psychological Foundations.
Introduction.
Biases of Judgement or Perception is Reality.
Errors of Preference or There is No Such Thing as Context-free Decision Making.
Conclusions.
2. Imperfect Markets and Limited Arbitrage.
Introduction.
Ketchup Economics.
Efficiency and LOOP.
Stock Market.
Other Markets.
Imperfect Substitutes.
Limited Arbitrage.
Positive Feedback Trading.
Risk Management and Limited Arbitrage.
On the Survival of Noise Traders.
Informational Imperfections.
Conclusions.
3. Style Investing.
Introduction.
The Data.
The History.
Potential Gains to Style Rotation.
Life Cycle of an Investment Style.
Value vs. Growth: Risk or Behavioural?
Style Rotation.
Quantitative Screens.
Timing the Switch.
Conclusions.
4. Stock Valuation.
Introduction.
Keynes' Beauty Competition.
The (Ir)relevance of Fundamentals.
Valuation and Behavioural Biases.
Cost of Capital.
Factors from Limited Arbitrage.
An Analyst's Guide.
5. Portfolio Construction and Risk Management.
Introduction.
Covariances.
Correlations.
Distribution of Returns.
Fat Tails or Outliers?
6. Asset allocation
Introduction.
Markets and Fundamentals.
Dividend Yield, Spreads and Ratios.
Earnings Yield, Spreads and Ratios.
Payout Ratio.
The Equity Risk Premium.
Should Corporate Financiers be Running TAA?
Market Liquidity.
Crashes as Critical Points.
7. Corporate Finance.
Introduction.
Irrational Managers/Rational Markets.
Rational Managers/Irrational Markets.
Conclusions.
8. The Indicators.
Introduction.
Liquidity Measures.
Sentiment Measures.
Asset Allocation Measures.
Earnings Measures.
Technical Measures.
Others.
Final Thoughts.
Bibliography.
Index.
Introduction.
1. Psychological Foundations.
Introduction.
Biases of Judgement or Perception is Reality.
Errors of Preference or There is No Such Thing as Context-free Decision Making.
Conclusions.
2. Imperfect Markets and Limited Arbitrage.
Introduction.
Ketchup Economics.
Efficiency and LOOP.
Stock Market.
Other Markets.
Imperfect Substitutes.
Limited Arbitrage.
Positive Feedback Trading.
Risk Management and Limited Arbitrage.
On the Survival of Noise Traders.
Informational Imperfections.
Conclusions.
3. Style Investing.
Introduction.
The Data.
The History.
Potential Gains to Style Rotation.
Life Cycle of an Investment Style.
Value vs. Growth: Risk or Behavioural?
Style Rotation.
Quantitative Screens.
Timing the Switch.
Conclusions.
4. Stock Valuation.
Introduction.
Keynes' Beauty Competition.
The (Ir)relevance of Fundamentals.
Valuation and Behavioural Biases.
Cost of Capital.
Factors from Limited Arbitrage.
An Analyst's Guide.
5. Portfolio Construction and Risk Management.
Introduction.
Covariances.
Correlations.
Distribution of Returns.
Fat Tails or Outliers?
6. Asset allocation
Introduction.
Markets and Fundamentals.
Dividend Yield, Spreads and Ratios.
Earnings Yield, Spreads and Ratios.
Payout Ratio.
The Equity Risk Premium.
Should Corporate Financiers be Running TAA?
Market Liquidity.
Crashes as Critical Points.
7. Corporate Finance.
Introduction.
Irrational Managers/Rational Markets.
Rational Managers/Irrational Markets.
Conclusions.
8. The Indicators.
Introduction.
Liquidity Measures.
Sentiment Measures.
Asset Allocation Measures.
Earnings Measures.
Technical Measures.
Others.
Final Thoughts.
Bibliography.
Index.
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