Irrational Exuberance Reconsidered: The Cross Section of Stock Returns (Springer Finance) [Hardcover]

Mathias Külpmann (Author)

Book Description

Publication Date: March 5, 2004 | ISBN-10: 3540140077 | ISBN-13: 978-3540140078 | Edition: 2nd

Mathias Külpmann presents a framework to evaluate whether the stock market is in line with underlying fundamentals. The new and revised edition offers an up to date introduction to the controversy between rational asset pricing and behavioural finance. Empirical evidence of stock market overreaction are investigated within the paradigms of rational asset pricing and behavioural finance. Although this monograph will not promise the reader to become a millionaire, it offers a road to obtain a deeper understanding of the forces which drive stock returns. It should be of interest to anyone interested in what drives performance in the stock market.

Editorial Reviews

Review

From the reviews of the second edition:

"This book provides a highly stimulating contribution to the controversial discussion on stock return predictability, combining theory, thorough empirical analysis and feedback from security analysts." Günter Franke, Professor of International Finance, Chairman of the Center of Finance and Econometrics, University of Konstanz

"Irrational Exuberance Reconsidered takes a look at current turmoils in the stock market and provides an up to date discussion of the underlying issues." Harris Schlesinger, Professor of Finance and Frank Park Samford Chair of Insurance, University of Alabama

"State of the art analysis and new insights into the interaction between fundamentals and the stock market. Anybody interested in stock market overreaction should have a look." Winfried Pohlmeier, Professor of Economics and Econometrics, Research Professor at the Center of European Economic Research (ZEW)

"Compelling and intriguing: an interesting read for academics and practitioners alike. Current outlook: A strong buy." Dieter Hess, Professor of Finance, Hochschule für Bankwirtschaft, Frankfurt

"Combining academic research with practical experience, this book offers a new concept of a research monograph." Erik Lüders, Professor of Finance, Université Laval, Québec, and Visiting Scholar, Leonard N. Stern School of Business, New York University

"The present monograph investigates the so-called Winner-Loser Effect (WLE) and the questions, whether it may occur in rational pricing theory or is due to irrational behavior … . In my view, this book on finance has impact on the modeling … . Furthermore, the introductory review is from my understanding nice … . each unit within the monograph has an own introduction, outline and summary and can be read independently … . In conclusion, an interesting start for further research." (Andreas Bartel, Zentralblatt MATH, Vol. 1089 (15), 2006)

From the Back Cover

Does the stock market overreact? Recent capital market turbulences have cast doubt whether the behaviour of stock markets is in line with rational investor behaviour. This monograph presents a framework to evaluate whether the stock market is in line with underlying fundamentals. This new and revised edition offers an up to date introduction to the controversy between rational asset pricing and behavioural finance. Empirical evidence of stock market overreaction are investigated within the paradigms of rational asset pricing and behavioural finance. Although this monograph will not promise the reader to become a millionaire, it offers a road to obtain a deeper understanding of the forces which drive stock returns. It should be of interest to anyone interested in what drives performance in the stock market.

Product Details

• Hardcover: 243 pages
• Publisher: Springer; 2nd edition (March 5, 2004)
• Language: English
• ISBN-10: 3540140077
• ISBN-13: 978-3540140078
• Product Dimensions: 9.4 x 6.2 x 0.8 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 2.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #4,220,050 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

0 of 1 people found the following review helpful:

2.0 out of 5 stars Good information; ridiculous price, June 13, 2010

By 

P. Gleeson "Patrick Gleeson" (Los Angeles) - See all my reviews
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This review is from: Irrational Exuberance Reconsidered: The Cross Section of Stock Returns (Springer Finance) (Paperback)

I read a lot of books on market analysis, and from the first few pages this seems to be a good one. But: $129. for a paperback? Hopefully this is a mistake. The hardcover version also sells for $129--how can that be a reasonable pricing decision?