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Behavioural Finance Paperback – December 8, 2009

ISBN-13: 978-0470028049 ISBN-10: 0470028041 Edition: 1st

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Product Details

  • Paperback: 464 pages
  • Publisher: Wiley; 1 edition (December 21, 2009)
  • Language: English
  • ISBN-10: 0470028041
  • ISBN-13: 978-0470028049
  • Product Dimensions: 6.8 x 1 x 9.7 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,664,345 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

In this book, a splendid synthesis of recent research, William Forbes lays out the fundamentals of behavioral finance. Behavioral finance is still a young field, but it has revolutionized our understanding of how financial decisions are made. Forbes illuminates the immense importance of the human element to financial theory and practice.”

Werner De Bondt, Professor and Director, Richard H. Driehaus Center for Behavioral Finance, DePaul University, Chicago, IL, USA.

Behavioural finance has moved from the confines of technical journals to being offered as a course on graduate and undergraduate degrees in finance. What was missing was a comprehensive textbook introduction to this important and growing field. William Forbes’ book fills in this gap. It is a superb synthesis of the theoretical and empirical literature on behavioural finance. It provides a self-contained and broad-based introduction to the various facets of this sub-field - an outstanding textbook that should be on every reading list.

Professor Abhay Abhyankar, Baillie Gifford Chair of Financial Markets, University of Edinburgh Business School, UK.

'Engrossing, rigorous and comprehensive - this book will be a great basis for teaching courses in behavioural finance'

Robert Hudson, Professor of Finance, Newcastle University Business School, UK.

  • Behavioural Finance meets the growing demand for an introductory level textbook that can be used by students on advanced undergraduate and postgraduate courses.
  • Provides a range of UK and European examples, whereas most of the existing books include primarily examples from North America.
  • Examples of FTSE 100 and S&500 companies provide the reader with an appreciation of everyday problems faced by finance professionals.

There will be a website accompanying the book www.wileyeurope.com/college/forbes  with PowerPoint slides, spreadsheets and a document containing web links and References.

About the Author

William Forbes is Professor of Accounting and Finance in the Business School at Loughborough University, UK.  He has previously held positions at University of Glasgow, University of Manchester, University College of North Wales in Bangor and the University of Exeter.

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2 of 2 people found the following review helpful By Bernd Kotz on September 1, 2012
Format: Paperback
Behavioural finance is a new field for researchers. It is not a complete new field it is an addition to the standard finance theory. The general finance field deals with stable preferences, maximisation of utility functions, discounting of future cash flows and efficient markets hypothesis. The reality tells a different story. You can see bubbles, overreacting and rapid price movements. Here begins the work for the researcher. Why do things behave so? The behavioural approach starts here. It wants to sodden up the standard assumptions in finance and look for some proper assumptions that fits better to realty.
The foundations of this book are about utility theory and there deviations in the reality. The prospect theory is a mayor anchor in this book. Discounting models are based on utility, hyperbolic functions and game theoretic investment applications. Learning is a mayor field for the behavioural economics. He shows that there is no statistical learning out of the data. The Bayesian way is not proofed. He explains it with investment decisions and a baseball example. He finds under reaction of short run returns and long term overreaction. Bubbles are a good example. It shows some results out of the Prospect Theory by Kahneman and Tversky.

The Asset Pricing chapter is about the noise trader model by De Long, Shleifer, Summers and Waldman. It is about informed and uninformed traders. The result is a price formula that depends of the dividend of the stock, the future price realisation and the misperceptions of the future value. The overconfidence model is based by Odean. It explains the role of optimism and the price behaviour of the asset. It is signalling model. The result is that investors overestimate their own signals and underestimate the signals of the other investors.
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Behavioural Finance
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