Behavioral Finance: A Review and Synthesis

18 Pages Posted: 29 Dec 2007

See all articles by Avanidhar Subrahmanyam

Avanidhar Subrahmanyam

University of California, Los Angeles (UCLA) - Finance Area; Institute of Global Finance, UNSW Business School; Financial Research Network (FIRN)

Abstract

I provide a synthesis of the Behavioral finance literature over the past two decades. I review the literature in three parts, namely, (i) empirical and theoretical analyzes of patterns in the cross-section of average stock returns, (ii) studies on trading activity, and (iii) research in corporate finance. Behavioral finance is an exciting new field because it presents a number of normative implications for both individual investors and CEOs. The papers reviewed here allow us to learn more about these specific implications.

Suggested Citation

Subrahmanyam, Avanidhar, Behavioral Finance: A Review and Synthesis. European Financial Management, Vol. 14, No. 1, pp. 12-29, January 2008. Available at SSRN: https://ssrn.com/abstract=1079201 or http://dx.doi.org/10.1111/j.1468-036X.2007.00415.x

Avanidhar Subrahmanyam (Contact Author)

University of California, Los Angeles (UCLA) - Finance Area ( email )

Los Angeles, CA 90095-1481
United States
310-825-5355 (Phone)
310-206-5455 (Fax)

Institute of Global Finance, UNSW Business School

Sydney, NSW 2052
Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

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