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Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (Financial Management Association Survey and Synthesis) 1st Edition

4.4 4.4 out of 5 stars 96 ratings

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Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgment and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin, the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.
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Editorial Reviews

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"This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies."--John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds"This book helps readers recognize, and avoid, bias and errors in their financial decisions, and modify and, it is hoped, improve their overall investment strategies."--JP Morgan Private Bank Annual Summer Reading List"Behavioral finance is about normal people and the markets that drive them crazy. Shefrin's insights into these people and markets will provide you with solutions to many financial puzzles--as you read the book and long after you close it."--Meir Statman, Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University"Beyond Greed and Fear challenges your most fundamental assumptions about investing and uncovers psychological traps that may prevent you from achieving higher returns on your portfolio."--Martin S. Fridson, Managing Director, Merrill Lynch and Co., and author, How to Be a Billionaire"Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance."--Robert Shiller, Stanley B. Resor Professor of Economics, Cowles Foundation for Research in Economics, Yale University"Beyond Greed and Fear is the first truly comprehensive behavioral finance book written for practitioners. It should be required reading for portfolio managers and traders."--W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments"Most books about financial markets overlook the human element--a serious omission since people matter on Wall Street as well as on Main Street. Beyond Greed and Fear is a fine examination of the budding field of behavioral finance. I recommend it to anyone who intends to trade with other human beings, or who is a human being."--Richard H. Thaler, Robert P. Gwinn Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago"Financial practitioners, argues the author, must acknowledege and understand behavioral finance in order to avoid many of the investment pitfalls caused by human error.--Business Horizons"One edition of this work should be in every investment collection"--CHOICE, H. Mayo

Book Description

Shows you the most common, but costly, mistakes money professionals make, and how to avoid making them

Product details

  • ASIN ‏ : ‎ 0195304217
  • Publisher ‏ : ‎ Oxford University Press; 1st edition (May 16, 2007)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 368 pages
  • ISBN-10 ‏ : ‎ 9780195304213
  • ISBN-13 ‏ : ‎ 978-0195304213
  • Item Weight ‏ : ‎ 1.38 pounds
  • Dimensions ‏ : ‎ 9.12 x 6.18 x 1.22 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 96 ratings

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Hersh Shefrin
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Hersh Shefrin is one of the pioneers in the behavioral approach to economics and finance. The January 2001 issue of CFO magazine lists him among the academic stars of finance. A 2003 article in the American Economic Review listed him as one of the top fifteen economic theorists to have influenced empirical work.

In 2009, Hersh's book Beyond Greed and Fear was recognized by J.P. Morgan Chase as one of the top ten books published since 2000. This book was the first comprehensive treatment of behavioral finance, written for financial practitioners.

Hersh's other books focus sharply on the application of behavioral ideas to specific topics in finance and economics. The overarching theme in his books is what he calls "behavioralizing finance." Behavioral Corporate Finance is the first and only textbook dedicated to the behavioral issues in corporate finance. A Behavioral Approach to Asset Pricing investigates the behavioral structure of the financial market's DNA, technically known as the pricing kernel. Ending the Management Illusion describes how organizations can grapple with their psychological gremlins. His latest book, Behavioral Risk Management, provides risk managers with psychological tools that they can integrate with the quantitative concepts that form the foundation of their work.

Hersh received his Ph.D. from the London School of Economics in 1974. He also holds an honorary doctorate from the University of Oulu, Finland. He is frequently interviewed by the press and his work was profiled by BBC-TV in February 2014. He intermittently writes for The Wall Street Journal, blogs for Forbes and The Huffington Post, and can be followed on Twitter at @HershShefrin.

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4.4 out of 5 stars
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Top reviews from the United States

  • Reviewed in the United States on July 22, 2010
    Three themes are the common thread throughout this book.
    Heuristic-driven Bias is one of them. It includes
    Availability Bias, Hindsight Bias, Familiarity Bias,
    Rule of 5, 1/n-rule (naive diversification), Over-confidence
    and Optimism.

    Aversion to Loss and Aversion to Ambiguity; representative-
    ness, Consevatism due to Anchoring-and-(lack of) adjustment,
    Illusion to Validity are also discussed in this book.

    I do not agree with the Gamblers' Fallacy in the stock
    market. The stock market was compared to the tossing of
    a coin. They are different. As the market rises, the risks
    of a correction or a bear definitely increases whereas the
    probability of tossing a coin to land a head of tail is
    constant all the time.

    Hindsight Bias was not well defined in this book. This book
    said there are more male traders than women (75% to 25%).
    Surprisingly, women make better traders, albeit only slightly.

    By the next edition, I look forward to more 'meat' in the book.
    Practical application ideas seem insufficient here. It is
    a book more for you to understand human behaviour in the
    stock market. A worthwhile read.
    9 people found this helpful
    Report
  • Reviewed in the United States on July 22, 2019
    A great account of behavioral insights with the most relevant examples and illustrations
  • Reviewed in the United States on November 4, 2014
    Good book great insight
  • Reviewed in the United States on December 26, 2011
    I recently quit my job to become a full time trader. My goal is to read one book a week and this was the second book I read. To be honest this book did not provide much insight on the market, it just rehashed things we all already know. The book was written by a professor and he referenced a lot of his colleagues, it's more like a text book. I have nothing against professors but i don't believe the author has never done any actual trading so you have to take his opinions for what they are worth. There are some good points in the book but they are things you should know if you are a trader. And quit frankly there are some things in the book I completely disagree with - he mentioned in one of the early chapter that traders develop heuristic biases based on rules of thumb and those rules of thumb lead traders down the wrong path. I believe that ever trader should have rules they live by like selling a loosing stock when it's looses 10% of it's value, have defined entry points, a margin % to equity, etc. There may come a time when you need to redefine your rules but every traders needs to have rules they live by.

    My. 02 is that you can skipped this book if you are looking for useful information on the psychology of trading. This book is good if you want to know what traders should and shouldn't do from a theoretical standpoint but not a good book if you want to become an actual trader.

    Dmonk
    7 people found this helpful
    Report
  • Reviewed in the United States on November 4, 2019
    Everithing was perfect The book arrived on time in very good form
  • Reviewed in the United States on December 25, 2004
    Wondering what Brealy & Myers or Sharpe left out? Don't expect your broker (or fund manager, excepting Richard Thaler) to fill you in. This book is a must read for any active (or passive) participant in the markets, or any other citizen who is affected by said markets. Meaning all of us.

    Shefrin provides a masterful exposition of the application of cutting-edge cognitive psychology to the behavior of retail and institutional investors, analysts, mutual fund managers, CEO's and even heavily-advised university investment committees. The result is the theoretical demolition of the efficient markets hypothesis in even its weakest form, and the related CAPM(s), catching up to their long-noted empirical failings. As it turns out the market does have a memory, and that's not just an anomaly any more. Not every trade is zero-NPV: trust the market price at your own peril. Think dividends are irrelevant? Think again.

    What we're left with is a fascinating account of how market participants actually behave: holding on to losers too long, trading too much and trading on "noise," and most alarmingly, undersaving for retirement. What is significant is that these phenomena are so prevalent that they can no longer be dismissed as irrational with the hope that "more sophisticated" money will magically correct the market. To the contrary, what Shefrin describes is proved to be the psychological norm; if you believe you're different, you're either very lucky or overconfident about your lack of overconfidence.

    One quibble, in an area that I have looked at before, is in Shefrin's discussion of takeovers. First, I found a bit of confusion between the question of whether the takeover premium should be tested by reference to the post-announcement combined value of both firms, or just the buyer. Since the buyer's CEO is initially fiduciary for just his shareholders, I see only the latter as relevant.

    More significantly, Shefrin does not provide any means to rigorously discriminate among his hubris hypothesis and other, more rationalistic theories, such as agency costs and private benefits. And his brief treatment omits many puzzling follow-up questions: if CEO psychology has the potential to systematically destroy shareholder wealth, what should we then conclude about the investors and analysts who allow them to get away with it? Just a governance problem, or is there yet another psychological story to be told?

    But the desire to delve further into the subject is just indicative of Shefrin's compelling and readable narrative. For bottom line types, I'm afraid the answer to your question is no, he doesn't explain how to get rich. But you'll surely do alot better with a single yellowing copy of Graham & Dodd than all the reams of abstruse, dogmatic journal articles ever spewed by the Chicago School.
    12 people found this helpful
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  • Reviewed in the United States on April 3, 2016
    I bought this book in 2008 as my first book about behavioral finance. Since then behavioral finance has completely changed my professional life and moved it forward by a wide margin. Thanks a lot Hersh Shefrin!

Top reviews from other countries

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  • Andreas
    5.0 out of 5 stars GENIAL!!!
    Reviewed in Germany on September 22, 2021
    Eigentlich bin ich, was die Behavioral Finance angeht ein großer Fan von Robert Shiller, aber was Shefrin hier in seinem Buch aufzeigt ist mindestens ebenbürtig. Ich kann das Buch jedem empfehlen der mehr wissen will über die Entscheidungen und die Verhaltensmuster an der Börse. Fernab der klassischen Kapitalmarkttheorien geht es hierbei wirklich hauptsächlich darum die Psyche der Anleger zu verstehen und daraus für sich Schritte abzuleiten, um ein besserer Investor zu werden. Für jeden Anleger ein tolles Buch und für alle die den Kapitalmärkten gegenüber noch skeptisch sind auch!
  • Fonzo
    5.0 out of 5 stars Five Stars
    Reviewed in Canada on November 10, 2017
    good book
  • James MacLeod-Nairn
    5.0 out of 5 stars Five Stars
    Reviewed in the United Kingdom on May 30, 2018
    interesting and useful!
  • 購入者
    3.0 out of 5 stars Behavioral Finance の実務家向けの実用書
    Reviewed in Japan on August 19, 2005
    Behavioral Finance の実務家向けの実用書。ファイナンスの本としては珍しく、数式が一つも出ていない。Behavioral Finance 研究をまとめて、それから経済学的なものを取り去り、実務家のレッスン用にまとめるとこんな本ができるのだろう。投資家の立場から見るとこの手の本は手軽でいいのかもしれない。
  • Nom
    3.0 out of 5 stars Un vrai mémoire de recherche sur le sujet
    Reviewed in France on May 18, 2002
    Une théorie entre trois actes sur la perception de l'évolution des marchés, l'influence de celle-ci sur les marchés et la subjectivité du risque tel que perçu. Enfin tout cela est psychologique n'est-ce pas? On pense aussi à la reflexivité, autre théorie récente. Pas trop facile à lire cependant. mais de nombreux exemples en rendent la lecture agréable et instructive.