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3 of 3 people found the following review helpful
5.0 out of 5 stars Behavioural Finance Book Review (Andrei Shleifer)
An excellent book for anyone wanting to know about this relatively new area of finance. Shleifer goes into detail yet provides clear and easy-to-understand explanations, clarifying points made along the way. A good choice for university students studying the topic or wanting to enhance their knowledge on the subject. Market efficiency and arbitrage are looked into in...
Published on 29 Jan 2009 by Ms. S. B. Kurmoo

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3.0 out of 5 stars Good little book, best appreciated by economists/finance experts
I bought this book as an ex-astrophysicist wanting to learn about financial markets. It's basically a collection of papers on a few different topics in finance, ultimately arguing for the behavioural finance model over the efficient market hypothesis. The first chapter, on the efficient market hypothesis (and evidence for/against it) is really good, and I learnt a lot...
Published 10 months ago by ctajuggler


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3 of 3 people found the following review helpful
5.0 out of 5 stars Behavioural Finance Book Review (Andrei Shleifer), 29 Jan 2009
By 
Ms. S. B. Kurmoo (Manchester, UK) - See all my reviews
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This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
An excellent book for anyone wanting to know about this relatively new area of finance. Shleifer goes into detail yet provides clear and easy-to-understand explanations, clarifying points made along the way. A good choice for university students studying the topic or wanting to enhance their knowledge on the subject. Market efficiency and arbitrage are looked into in great depth, as are other concepts such as noise trader risk and the closed-end fund puzzle. A brilliant read overall.
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16 of 19 people found the following review helpful
5.0 out of 5 stars A brilliant exposition of behavioral finance, 2 Oct 2000
By A Customer
This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
Professor Shleifer as one the leading light sin teh field of behavioral finance is in a unique position to provide an overview of the current state of play. Behavioral finance has yet to find its way into finance text books, and this book will be an invaluable supplimentary text in modern finance courses. In addition finance practioners would bebenfit from reading the less technical sections. As one would expect, not only does Shliefer provide an overview, but also extends some previous results. All in all a brilliant exposition of behavioral finance.
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6 of 7 people found the following review helpful
5.0 out of 5 stars Fantastic, 28 Jan 2005
By 
Robert Sanford "Black_Adder12" (London, UK) - See all my reviews
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This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
I am doing an MSc in Finance and this book is an excellent introduction.
Most importantly, it discusses history, current research and possible directions of further research.
Written by a well regarded academic in finance (published in Journal of finance etc) and very current (if you are reading this in 2005!)
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5.0 out of 5 stars very good, 24 Feb 2014
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This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
The contents are excellent and this book is suitable for graduate and postgraduate students study independently. Highly recommend! Good quality!
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5.0 out of 5 stars GOOD BOOK, 24 Nov 2013
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This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
I have to say its really a good book, and easy to read and understand. I wrote an essay with this book got a B+.
:)
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3.0 out of 5 stars Good little book, best appreciated by economists/finance experts, 15 Oct 2013
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This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
I bought this book as an ex-astrophysicist wanting to learn about financial markets. It's basically a collection of papers on a few different topics in finance, ultimately arguing for the behavioural finance model over the efficient market hypothesis. The first chapter, on the efficient market hypothesis (and evidence for/against it) is really good, and I learnt a lot reading it. The rest of the book went a bit over my head, not being a finance expert, but there were bits here and there I took something away from. Overall I'd say the book was very good for the things I wanted it for, but I cannot rate most of it because I don't know enough about finance to appreciate it.
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8 of 26 people found the following review helpful
5.0 out of 5 stars Important Counterpoint, 16 Feb 2003
By A Customer
This review is from: Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) (Paperback)
I'm a very successful capital markets professional with more than 12 years of experience. I want to believe in efficient markets, and perhaps the markets are effiecient in the long run, but in the short run, they can be very ineffiecient. In the US treasury market where prices are posted and transparent and pricing is well-understood, the markets appear to behave efficiently.
In the exponentially growing credit derivatives market, the market appears very inefficient. Information on documentation and pricing is not at all transparent, and information requires time and work to obtain. This was a nothing market 6 years ago, was a $2 trillion market in 2002 and is on a steep exponential growth curve just in credit default swaps. In a paradigm shift, it has become a very important product in a very short time, and the market in these products is inefficient.
Another resource on why this market is inefficient is Tavakoli's excellent book: "Credit Derivatives" Second Edition.
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