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Investor psychology and asset pricing (2001)
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by
David Hirshleifer
| Citations: | 420 - 27 self |
BibTeX
@MISC{Hirshleifer01investorpsychology,
author = {David Hirshleifer},
title = {Investor psychology and asset pricing},
year = {2001}
}
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Abstract
The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models.
