Presentation Slides for 'Investor Psychology and Asset Pricing'

57 Pages Posted: 31 May 2018

See all articles by David A. Hirshleifer

David A. Hirshleifer

University of California, Irvine - Paul Merage School of Business; NBER

Date Written: January 4, 2001

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.

Prepublication version of paper: https://ssrn.com/abstract=265132.

Keywords: investor psychology, asset pricing, behavioral finance, misvaluation, risk, heuristics and biases

JEL Classification: D03, D14, D46, D84, G11, G12, G14, G32, G35, M41

Suggested Citation

Hirshleifer, David A., Presentation Slides for 'Investor Psychology and Asset Pricing' (January 4, 2001). Available at SSRN: https://ssrn.com/abstract=3181614

David A. Hirshleifer (Contact Author)

University of California, Irvine - Paul Merage School of Business ( email )

Irvine, CA California 92697-3125
United States

HOME PAGE: http://sites.uci.edu/dhirshle/

NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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