Search results for: beyond-greed-and-fear

Beyond Greed and Fear

Author : Hersh Shefrin
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"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 Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financialpractitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of humannature. 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. 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 tomodify and improve their overall investment strategies.

Beyond Greed and Fear

Author : Hersh Shefrin
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"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 Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financialpractitioners eventually let bias, overconfidence, and emotion cloud their judgement 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 thedecision-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. 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.

Bazaars Conversations and Freedom

Author : Rajni Bakshi
File Size : 79.1 MB
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Long before the financial meltdown and the red alert on climate change, some far-sighted innovators diagnosed the fatal flaws in an economic system driven by greed and fear. Across the global North and South, diverse people - financial wizards, economists, business people and social activists - have been challenging the "free market" orthodoxy. They seek to recover the virtues of bazaars from the tyranny of a market model that emerged about two centuries ago. This widely praised book is a chronicle of their achievements. From Wall Street icon George Soros and VISA card designer Dee Hock we get an insider critique of the malaise. Creators of community currencies and others, like the father of microfinance, Bangladesh's Muhammad Yunus, explore how money can work differently. The doctrine of self-interest is re-examined by looking more closely at Adam Smith through the eyes of Amartya Sen. Mahatma Gandhi's concept of 'Trusteeship' gathers strength as the socially responsible investing phenomenon challenges the power of capital. Pioneers of the open source and free software movement thrive on cooperation to drive innovation. The Dalai Lama and Ela Bhatt demonstrate that it is possible to compete compassionately and to nurture a more mindful market culture. This sweeping narrative takes you from the ancient Greek agora, Indian choupal, and Native American gift culture, on to present-day Wall Street to illuminate ideas, subversive and prudent, about how the market can serve society rather than being its master. In a world exhausted by dogma, Bazaars, Conversations and Freedom is an open quest for possible futures. This fully updated and revised UK version of the 2009 Vodafone Crossword Book Award winner for non-fiction is a rare and epic narrative about those who have been quietly forging solutions and demonstrating that a more compassionate market culture is both possible and desirable.

Ending the Management Illusion How to Drive Business Results Using the Principles of Behavioral Finance

Author : Hersh Shefrin
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The bestselling author of Beyond Greed and Fear puts behavioral concepts into corporate practice Psychologically smart companies manage both the pluses and minuses of human psychology through well-structured systems and processes. In Ending the Management Illusion, behavioral finance pioneer Hersh Shefrin addresses the biases that can take you or your organization off course and shows how to run psychologically smart businesses-specifically as it affects your bottom line. Shefrin explores the psychological barriers you experience, and delivers concrete debiasing techniques for breaking through these barriers. This allows you to integrate your processes for accounting, planning, incentives, and information sharing-the main elements for optimizing corporate value.

BhagavadG t Demystified

Author : Paramahamsa Nithyananda
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A Behavioral Approach to Asset Pricing

Author : Hersh Shefrin
File Size : 70.61 MB
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Behavioral finance is the study of how psychology affects financial decision making and financial markets. It is increasingly becoming the common way of understanding investor behavior and stock market activity. Incorporating the latest research and theory, Shefrin offers both a strong theory and efficient empirical tools that address derivatives, fixed income securities, mean-variance efficient portfolios, and the market portfolio. The book provides a series of examples to illustrate the theory. The second edition continues the tradition of the first edition by being the one and only book to focus completely on how behavioral finance principles affect asset pricing, now with its theory deepened and enriched by a plethora of research since the first edition

The Future of Financial Regulation

Author : Iain G MacNeil
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The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.

Life in the Financial Markets

Author : Daniel Lacalle
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An accessible and thorough review of the international financial markets Life in the Financial Markets—How They Really Work And Why They Matter To You offers the financial services professional, and anyone interested in knowing more about the profession, an entertaining and comprehensive analysis of the financial markets and the financial services industry. Written by Daniel Lacalle—a noted portfolio manager with EcoFin and well-known media personality—the book goes beyond a simple summary and offers solid advice on the future of the global financial markets. This great resource also includes a review of effective strategies and forecasts the trends that represent potential opportunities for investors. The book reviews the recent history of the financial crisis and includes information on hot topics such as derivatives and high frequency trading. An in-depth section on investment banking is written from the perspective of a successful practitioner and provides clarity on several complex and overly politicized elements of the banking system. The author gives an expert's perspective on the debt markets, monetary policies, and quantitative easing, and helps explain the various issues surrounding sovereign debt, the Euro crisis, and austerity versus growth policies. Comprehensive in scope, this resource also offers an analysis of investment styles, from hedge funds to "long only" investments, as well as an in-depth look at corporate communication and its impact on markets and investments. Offers an engaging and comprehensive analysis of the financial services industry Includes information on the workings of the global financial system following the economic crisis Contains a review of complex banking systems Analyzes the various investment styles and answers the most common questions pertaining to investing

Historical Geography

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Asset Management

Author : Andrew Ang
File Size : 54.51 MB
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In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.

Corporate Finance

Author : Pierre Vernimmen
File Size : 33.39 MB
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Merging theory and practice into a comprehensive,highly-anticipated text Corporate Finance continues its legacy as one of the mostpopular financial textbooks, with well-established content from adiverse and highly respected author team. Unique in its features,this valuable text blends theory and practice with a direct,succinct style and commonsense presentation. Readers will beintroduced to concepts in a situational framework, followed by adetailed discussion of techniques and tools. This latest editionincludes new information on venture finance and debt structuring,and has been updated throughout with the most recent statisticaltables. The companion website provides statistics, graphs, charts,articles, computer models, and classroom tools, and the freemonthly newsletter keeps readers up to date on the latesthappenings in the field. The authors have generously madethemselves available for questions, promising an answer inseventy-two hours. Emphasizing how key concepts relate to real-world situations iswhat makes Corporate Finance a valuable reference with realrelevance to the professional and student alike. Readers will gaininsight into the methods and tools that shape the industry,allowing them to: Analyze investments with regard to hurdle rates, cash flows,side costs, and more Delve into the financing process and learn the tools andtechniques of valuation Understand cash dividends and buybacks, spinoffs, anddivestitures Explore the link between valuation and corporate finance As the global economy begins to recover, access to the mostcurrent information and statistics will be required. To remainrelevant in the evolving financial environment, practitioners willneed a deep understanding of the mechanisms at work. CorporateFinance provides the expert guidance and detailed explanationsfor those requiring a strong foundational knowledge, as well asmore advanced corporate finance professionals.

Consumer Credit and the American Economy

Author : Thomas A. Durkin
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Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.

Retirementology

Author : Gregory Salsbury
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Bonus content "What's Your Retirementology I.Q.?" included in this digital edition. Looking ahead to retirement? Depending on your circumstances and your age, you may no longer have any margin for error. And your emotions and irrational behavior could be perpetuating a dangerous cycle of overspending and rising debt that may shatter whatever vision of retirement you still have. Welcome to the world of Retirementology. Retirementology bridges retirement planning with investor psychology and the market Meltdown of 2008 to produce an entirely new way of thinking about how we spend, how we save, how we borrow, and how we invest. Financial mistakes are deeply rooted in human nature, but you may be able to overcome them--if you understand the breakthrough principles of behavioral economics and apply them in your own retirement planning. Dr. Gregory Salsbury identifies some of the classic cognitive biases and behavioral mistakes most of us keep making when it comes to retirement planning. For example: Why will people drive 45 minutes to use a $2.00 coupon? Why won’t people sell a poor performing stock just because they inherited it from grandma? Why do people spend differently with a credit card than they do with cash? Why do people believe that they paid no income taxes because they received a refund? You’ll learn why the financial meltdown has amplified the impact of these all-too-human cognitive mistakes and discover ideas for addressing them. The bottom line for your bottom line is that retirement can no longer be ignored, viewed as a single event, relegated to a “zone,” or romanticized. Instead, you must understand how every spending and financial decision you make from here on can impact the way you will spend your golden years. Retirementology attempts to help you do just that. Retirement planning: right brain versus left brain Why these different areas of the brain impact financial decisions--and what to do about it It’s real money! “De-layering” your finances How to overcome the psychological tricks that separate you from your money Family matters: managing financial support decisions for your extended family Choosing between your family or your retirement Get “long-term smart” How longevity, inflation, volatility, and your own expectations impact your retirement goals

Expected Returns

Author : Antti Ilmanen
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This comprehensive reference delivers a toolkit for harvesting market rewards from a wide range of investments. Written by a world-renowned industry expert, the reference discusses how to forecast returns under different parameters. Expected returns of major asset classes, investment strategies, and the effects of underlying risk factors such as growth, inflation, liquidity, and different risk perspectives, are also explained. Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns provides extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights.

More Than You Know

Author : Michael J. Mauboussin
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Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.

The Only Guide to a Winning Investment Strategy You ll Ever Need

Author : Larry E. Swedroe
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Investment professional Larry E. Swedroe describes the crucial difference between "active" and "passive" mutual funds, and tells you how you can win the investment game through long-term investments in such indexes as the S&P 500 instead of through the active buying and selling of stocks. A revised and updated edition of an investment classic, The Only Guide to a Winning Investment Strategy You'll Ever Need remains clear, understandable, and effective. This edition contains a new chapter comparing index funds, ETFs, and passive asset class funds, an expanded section on portfolio care and maintenance, the addition of Swedroe's 15 Rules of Prudent Investing, and much more. In clear language, Swedroe shows how the newer index mutual funds out-earn, out-perform, and out-compound the older funds, and how to select a balance "passive" portfolio for the long hail that will repay you many times over. This indispensable book also provides you with valuable information about: - The efficiency of markets today - The five factors that determine expected returns of a balanced equity and fixed income portfolio - Important facts about volatility, return, and risk - Six steps to building a diversified portfolio using Modern Portfolio Theory - Implementing the winning strategy - and more.

The Successful Investor Today

Author : Larry E. Swedroe
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What does it take to achieve superior performance and become a successful investor? Rather than great stock pricing or market timing skills, it is far better for you to understand how the markets work and how to make them work best for you. Larry E. Swedroe argues that the right strategy never changes, no matter whether the bull is stampeding or the bear has emerged from hibernation. The Successful Investor Today was written during one of the greatest bear markets of the post-World War II era--a bear market that was a result of the inevitable bursting of the technology-led bubble of the late 1990s (what Federal Reserve Chairman Alan Greenspan called "irrational exuberance"). Although millions of investors unnecessarily incurred trillions of dollars in losses, neither this bubble, nor the ensuing devastating losses, were anything new. Despite all the horrible investment experiences that have been reported, those investors who followed the fourteen simple truths outlined in this book--including the building of globally diversified portfolios-did not suffer the devastating losses experienced by many others. The fourteen simple truths withstand the tests of logic and time in the way the stock market really works, rather than the way Wall Street and the media would have you believe it works. Since it is generally held that those who fail to plan, plan to fail, an investor must begin with an investment plan. Your plan should be tailored to conform to your unique ability, willingness, and need to take risk. In The Successful Investor Today, you will learn how to build, write, implement, and manage your investment plan over time. This book will help you become a better and more informed investor, and it will help you achieve your financial goals by gradually increasing your wealth. Apart from offering an up-to-date winning strategy, The Successful Investor Today presents an efficient and proven way to avoid the most common--and costly--mistakes investors continue to make.

Comprehensive Financial Planning Strategies for Doctors and Advisors

Author : David Edward Marcinko
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Drawing on the expertise of multi-degreed doctors, and multi-certified financial advisors, Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical PlannersTM will shape the industry landscape for the next generation as the current ecosystem strives to keep pace. Traditional generic products and sales-driven advice will yield to a new breed of deeply informed financial advisor or Certified Medical PlannerTM. The profession is set to be transformed by "cognitive-disruptors" that will significantly impact the $2.8 trillion healthcare marketplace for those financial consultants serving this challenging sector. There will be winners and losers. The text, which contains 24 chapters and champions healthcare providers while informing financial advisors, is divided into four sections compete with glossary of terms, CMPTM curriculum content, and related information sources. For ALL medical providers and financial industry practitioners For NEW medical providers and financial industry practitioners For MID-CAREER medical providers and financial industry practitioners For MATURE medical providers and financial industry practitioners Using an engaging style, the book is filled with authoritative guidance and healthcare-centered discussions, providing the tools and techniques to create a personalized financial plan using professional advice. Comprehensive coverage includes topics likes behavioral finance, modern portfolio theory, the capital asset pricing model, and arbitrage pricing theory; as well as insider insights on commercial real estate; high frequency trading platforms and robo-advisors; the Patriot and Sarbanes–Oxley Acts; hospital endowment fund management, ethical wills, giving, and legacy planning; and divorce and other special situations. The result is a codified "must-have" book, for all health industry participants, and those seeking advice from the growing cadre of financial consultants and Certified Medical PlannersTM who seek to "do well by doing good," dispensing granular physician-centric financial advice: Omnia pro medicus-clientis. RAISING THE BAR The informed voice of a new generation of fiduciary advisors for healthcare

Making Great Decisions in Business and Life

Author : David R. Henderson
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The phrase "work smarter, not harder" has been repeatedly ridiculed in the Dilbert comic strip and elsewhere, not because it is a bad idea, but because it is thrown like a brick lifesaver to drowning employees. To tell someone to work smarter is like telling someone to be happier, healthier, and richer. It's not much help to merely repeat the objective; what people need is a plan for achieving the objective.In Making Great Decisions, we show our readers how to achieve their objectives. We write to help those in business and those in the business of life--i.e., everyone--to work smarter. Our ideas are both simple and powerful. We offer a better way to look at problems so that the solutions are easier to find. We help supplement our readers' clear thinking by summarizing some of the most powerful techniques we have discovered.Have you ever driven through corn country? From a distance, all you see are corn stalks and more corn stalks in a jumbled mess. Then suddenly, when you get closer, your perspective changes, and you can see down the rows and realize that the corn was planted perfectly in straight lines. Your perception of the crop changes from a messy jumble to a clear picture simply because you're in the right spot. This book puts readers in that ideal spot. So many problems seem like hopeless jumbles but then, when you start using the techniques we discuss here, they start to look as straightforward as the straightest line in an Iowa cornfield.What motivated us to write this book is that, over the years, both of us have regularly come across people in organizations--often bright people with MBAs or other graduate degrees--who don't think they have time, energy, or skills to make good decisions. They have many clues but don't know how to put them together. They regularly face situations that they could analyze with some of the tools they learned in their courses, but they don't realize that. We don't hold ourselves apart from this group, and stories of our successes and failures are sprinkled throughout Making Great Decisions in Business and Life.

Valuegrowth Investing

Author : Glen Arnold
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Develop the practical investment strategy skills you need to succeed in any market!-- Practical explanations and examples help you master the key techniques professional investors use to make decisions.-- Helps you define a coherent strategy that encompasses both value and growth.-- Draws heavily on principles discovered by Peter Lynch, Warren Buffett, and other investment greats.With this book, every investor can develop a coherent investment strategy that encompasses both value and growth, draws upon the latest advances in business strategy, and utilizes powerful principles first discovered by world-class investors such as Peter Lynch and Warren Buffett. Valuegrowth Investing proves that investing in value and in growth are not mutually exclusive, and offers a practical strategy for achieving both goals. Using extensive real-world examples, Glen Arnold introduces the key financial tools professionals use to make their investment decisions, sharing new insight into stock price behavior based upon his successful career as a trader. From Ben Graham's three forms of value investing to John Neff's sophisticated ratio investing plan, to Warren Buffett's and Charles Munger's long term cash-flow investing and Philip Fisher's bonanza investing, this book draws upon the best ideas of world-class investors -- and shows how to leverage them in your own portfolio. For every experienced investor.