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Behavioral Finance: Investors, Corporations, and Markets $95.00 USA/$114.00 CAN (continued from front flap) KOLB SERIES IN FINANCE Behavioral Finance contains the latest information Essential Perspectives Nofsinger Baker from some of the leading practitioners and academics in this fi eld. Engaging and accessible, this book provides a clear understanding of how people make fi nancial BEHAVIORAL decisions and their effects on today’s markets. BEHAVIORAL FINANCE ehavioral fi nance has increasingly become part of mainstream fi nance—helping to H. KENT BAKER, PH D, CFA, CMA, is The Robert W. Kolb Series in Finance is an unparalleled source of informa- provide explanations for our economic University Professor of Finance and Kogod B FINANCE decisions by combining behavioral and cognitive tion dedicated to the most important issues in modern fi nance. Each book Research Professor at the Kogod School of focuses on a specifi c topic in the fi eld of fi nance and contains contributed psychological theory with conventional economics Business, American University. He has published chapters from both respected academics and experienced fi nancial profes- Investors, Corporations, and fi nance. extensively in leading academic and professional sionals. As part of the Robert W. Kolb Series in Finance, Behavioral Finance fi nance journals including the Journal of Finance, Filled with in-depth insights and practical advice, aims to provide a comprehensive understanding of the key themes associated and Markets Journal of Financial and Quantitative Analysis, this reliable resource—part of the Robert W. Kolb with this growing fi eld and how they can be applied to investments, corpora- FINANCE BEHAVIORAL Financial Management, Financial Analysts Journal, Series in Finance—provides a comprehensive view tions, markets, regulations, and education. Journal of Portfolio Management, and Harvard of behavioral fi nance by discussing the current Business Review. Professor Baker is recognized as state of research in this area and detailing its poten- one of the most prolifi c authors in fi nance during Behavioral fi nance has the potential to explain not only how tial impact on investors, corporations, and markets. the past fi fty years. He has consulting and training people make fi nancial decisions and how markets function, but Comprising contributed chapters by distinguished experience with more than 100 organizations and also how to improve them. This book provides invaluable insights experts from some of the most infl uential fi rms has been listed in fi fteen biographies. into behavioral fi nance, its psychological foundations, and its applications to fi nance. and universities in the world, Behavioral Finance JOHN R. NOFSINGER is an Associate Professor provides a synthesis of the essential elements of of Finance and Nihoul Faculty Fellow at Washington Comprising contributed chapters by a distinguished group of this discipline including psychological concepts State University. He is one of the world’s leading academics and practitioners, Behavioral Finance provides a and behavioral biases; the behavioral aspects of experts in behavioral fi nance and is a frequent synthesis of the most essential elements of this discipline. It puts asset pricing, asset allocation, and market prices; speaker on this topic at investment management behavioral fi nance in perspective by detailing the current state of research in investor behavior, corporate managerial behavior, and conferences, universities, and academic conferences. this area and offers practical guidance on applying the information found here to social infl uences. Divided into six comprehensive parts, it skillfully: Nofsinger has often been quoted or appeared in real-world situations. the financial media, including the Wall Street • Describes the fundamental heuristics, cognitive Journal, Financial Times, Fortune, BusinessWeek, Behavioral fi nance has increasingly become part of mainstream fi nance. errors, and psychological biases that affect Bloomberg, and CNBC. He writes a blog called If you intend on gaining a better understanding of this discipline, look no fi nancial decisions “Mind on My Money” at psychologytoday.com. further than this book. • Discusses market ineffi ciency and behavioral- based pricing models • Explores corporate and executive behavioral fi nance Jacket Design: Leiva-Sposato and examines the behavioral infl uences involving Jacket Illustration: © ImageClick, Inc./ Alamy their investment and fi nancing decisions • Addresses how behavioral fi nance applies to individual and institutional investors’ holdings H.Kent Baker and John R. Nofsinger, Editors and their trading endeavors • Shows how cultural factors and societal attitudes KOLB SERIES IN FINANCE affect markets Essential Perspectives (continued on back flap) EAN: 9780470499115 ISBN 978-0-470-49911-5 P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton BEHAVIORAL FINANCE P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected to include approximately 65 volumes covering all major topics and specializations in finance, ranging from investments, to corporate finance, to financial institutions. Each vol- ume in the Kolb Series in Finance consists of new articles especially written for the volume. Each Kolb Series volume is edited by a specialist in a particular area of finance, who develops the volume outline and commissions articles by the world’s experts in that particular field of finance. Each volume includes an editor’s introduction and approximately thirty articles to fully describe the current state of financial research and practice in a particular area of finance. The essays in each volume are intended for practicing finance professionals, grad- uate students, and advanced undergraduate students. The goal of each volume is to encapsulate the current state of knowledge in a particular area of finance so that the reader can quickly achieve a mastery of that special area of finance. P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton BEHAVIORAL FINANCE Investors, Corporations, and Markets Editors H. Kent Baker John R. Nofsinger The Robert W. Kolb Series in Finance John Wiley & Sons, Inc. P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton Copyright c 2010 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Behavioral finance : investors, corporations, and markets / H. Kent Baker and John R. Nofsinger, editors. p. cm. – (The Robert W. Kolb series in finance) Includes index. ISBN 978-0-470-49911-5 (cloth); ISBN 978-0-470-76966-9 (ebk); ISBN 978-0-470-76967-6 (ebk); ISBN 978-0-470-76968-3 (ebk) 1. Investments–Psychological aspects. 2. Investments–Decision making. 3. Finance–Psychological aspects. I. Baker, H. Kent (Harold Kent), 1944– II. Nofsinger, John R. HG4515.15.B4384 2010 336.201'9–dc22 2010010865 Printed in the United States of America 10987654321 P1: OTA/XYZ P2: ABC fm JWBT306-Baker July 10, 2010 13:53 Printer Name: Hamilton Contents Acknowledgments ix PART I Foundation and Key Concepts 1 1 Behavioral Finance: An Overview 3 H. Kent Baker, John R. Nofsinger 2 Traditional versus Behavioral Finance 23 Robert Bloomfield 3 Behavioral Finance: Application and
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