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Behavioural Finance, by William Forbes
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The study of Behavioural finance is relatively new and examines how individuals’ attitudes and behaviour affect their financial decisions and financial markets.
Behavioural Finance builds on existing knowledge and skills that students have already gained on an introductory finance or corporate finance course. The primary focus of the book is on how behavioural approaches extend what students already know. At each stage the theory is developed by application to the FTSE 100 companies and their valuation and strategy. This approach helps the reader understand how behavioural models can be applied to everyday problems faced by practitioners at both a market and individual company level. The book develops simple formal expositions of existing attempts to model the impact of behavioural bias on investor/managers' decisions. Where possible this is done grounding the discussion in practical, numerical, examples from the financial press and business life.
- Sales Rank: #2302857 in Books
- Published on: 2009-12-21
- Released on: 2009-12-08
- Original language: English
- Number of items: 1
- Dimensions: 9.72" h x 1.00" w x 6.75" l, 2.45 pounds
- Binding: Paperback
- 464 pages
From the Back Cover
In this book, a splendid synthesis of recent research, William Forbes lays out the fundamentals of behavioral finance. Behavioral finance is still a young field, but it has revolutionized our understanding of how financial decisions are made. Forbes illuminates the immense importance of the human element to financial theory and practice.”
Werner De Bondt, Professor and Director, Richard H. Driehaus Center for Behavioral Finance, DePaul University, Chicago, IL, USA.
Behavioural finance has moved from the confines of technical journals to being offered as a course on graduate and undergraduate degrees in finance. What was missing was a comprehensive textbook introduction to this important and growing field. William Forbes’ book fills in this gap. It is a superb synthesis of the theoretical and empirical literature on behavioural finance. It provides a self-contained and broad-based introduction to the various facets of this sub-field - an outstanding textbook that should be on every reading list.
Professor Abhay Abhyankar, Baillie Gifford Chair of Financial Markets, University of Edinburgh Business School, UK.
'Engrossing, rigorous and comprehensive - this book will be a great basis for teaching courses in behavioural finance'
Robert Hudson, Professor of Finance, Newcastle University Business School, UK.
- Behavioural Finance meets the growing demand for an introductory level textbook that can be used by students on advanced undergraduate and postgraduate courses.
- Provides a range of UK and European examples, whereas most of the existing books include primarily examples from North America.
- Examples of FTSE 100 and S&500 companies provide the reader with an appreciation of everyday problems faced by finance professionals.
There will be a website accompanying the book www.wileyeurope.com/college/forbes with PowerPoint slides, spreadsheets and a document containing web links and References.
About the Author
William Forbes is Professor of Accounting and Finance in the Business School at Loughborough University, UK. He has previously held positions at University of Glasgow, University of Manchester, University College of North Wales in Bangor and the University of Exeter.
Most helpful customer reviews
2 of 2 people found the following review helpful.
a great book for beginners
By Bernd Kotz
Behavioural finance is a new field for researchers. It is not a complete new field it is an addition to the standard finance theory. The general finance field deals with stable preferences, maximisation of utility functions, discounting of future cash flows and efficient markets hypothesis. The reality tells a different story. You can see bubbles, overreacting and rapid price movements. Here begins the work for the researcher. Why do things behave so? The behavioural approach starts here. It wants to sodden up the standard assumptions in finance and look for some proper assumptions that fits better to realty.
The foundations of this book are about utility theory and there deviations in the reality. The prospect theory is a mayor anchor in this book. Discounting models are based on utility, hyperbolic functions and game theoretic investment applications. Learning is a mayor field for the behavioural economics. He shows that there is no statistical learning out of the data. The Bayesian way is not proofed. He explains it with investment decisions and a baseball example. He finds under reaction of short run returns and long term overreaction. Bubbles are a good example. It shows some results out of the Prospect Theory by Kahneman and Tversky.
The Asset Pricing chapter is about the noise trader model by De Long, Shleifer, Summers and Waldman. It is about informed and uninformed traders. The result is a price formula that depends of the dividend of the stock, the future price realisation and the misperceptions of the future value. The overconfidence model is based by Odean. It explains the role of optimism and the price behaviour of the asset. It is signalling model. The result is that investors overestimate their own signals and underestimate the signals of the other investors. A good example for overconfidence is the AOL Time Warner merger. The prospect theory is explained next. It fits the fact that investors hold to short on gains and to long on loses. The utility function is concave on gains and convex on losses. The probability of a lost has a bigger impact. A good example is the model by Grinblatt and Han. It focuses on the fact that the price is a linear combination of the fundamental value and the reference wealth point. The momentum chapter discuss the fact that post earnings momentum is a fact against the market efficient hypothesis. The rest of this part is about a two stage model of herding and insider trading. It describes an informed part of investors and an uninformed part of them.
The Corporate Finance part is about principal agent theory, dividends and entrepreneurship. It includes an example of agency theory. The Jensen Meckling Model is to short explained and the Eisner/Disney case study is an example to that. The market for information is based on the analysed case that the stocks are valued by p/e ratio and discounted values. It shows how information is valued by the market. The application of the prospect theory is based in the dividends chapter. He shows how dividends are compared to an agency problem against big spending of the management. The motivation of a worker is explained in the entrepreneurship part. He uses the Benabou/Tirole model to explain self-control and motivation. It compares the situation before and after and investment. The benefit and cost of afford are implemented in the model. The last part consists of the analyst conflict and a chapter of accounting. In it the Ohlson model is represented. It is a normal dividend discount model. The dividend is exchanged by a term of cash flow and changes in the book value.
The book gives you a sound basic understanding of the mayor fields in behavioural finance. If you like to look a little bit closer to the stock market than I would turn to the book by Montier. But it is a very relaxing and enjoyable book in the fields of finance.
0 of 0 people found the following review helpful.
Five Stars
By Tyrael Z
Love this book
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