9780871548443. Pre-Owned: Good condition. Trade paperback. Language: English. Pages: 619. Trade paperback (US). Glued binding. 619 p. Contains: Illustrations. Modern financial markets offer the real world s best approximation to the idealized price auction market envisioned in economic theory. Nevertheless as the increasingly exquisite and detailed financial data demonstrate financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories. These markets anomalies have spawned a new approach to finance one which as editor Richard Thaler puts it entertains the possibility that some agents in the economy behave less than fully rationally some of the time. Advances in Behavioral Finance collects together twenty-one recent articles that illustrate the power of this approach. These papers demonstrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. To take several examples Werner De Bondt and Thaler find an explanation for superior price performance of firms with poor recent earnings histories in the tendencies of investors to overreact to recent information. Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers who fail to recognize the contributions of chance to their past successes. Andrei Shleifer and Robert Vishny show how the difficulty of establishing a reliable reputation for correctly assessing the value of long term capital projects can lead investment analysis and hence corporate managers to focus myopically on short term returns. As a testing ground for assessing the empirical accuracy of behavioral theories the successful studies in this landmark collection reach beyond the world of finance to suggest very powerfully the importance of pursuing behavioral approaches to other areas of economic life. Advances in Behavioral Finance is a solid beachhead for behavioral work in the financial arena and a clear promise of wider application for behavioral economics in the future.

Conventional explanations of the nature of money are weighed down by bad ideas and irrelevant historical evidence. The standard theory of finance is hampered by the lack of both sociological and ethical contextualization and by sloppy thinking about numbers and time. Money Finance Reality Morality addresses those weaknesses with truly novel models of how the economy money and finance actually work. The book analyses the perception of money as an economic tool (as compared to a symbolic and sociological object) as a highly functional quantitative token that assigns numerical values to the inherently unmeasurable economic activities of labour and consumption. It looks at finance as an often inferior solution to economic problems and a tool for helping the poor support the rich. And it explains how the tolerance of greed makes the money-finance system the weakest link in modern economies. Money Finance Reality Morality written without jargon or maths will be of interest to students teachers and practitioners in economics and finance government and politics religion and philosophy and sociology.

Since around 2010 significant quantities of international climate-change finance have begun to reach developing countries. This transfer of finance -the legal and ethical obligations that underpin it the constraints on its use its intended outcomes and its successes failures and future potential-is poorly understood. This book seeks to fill this gap in the legal scholarship. Through case studies of international finance mechanisms and a multitude of other sources the text delivers a rich legal and empirical understanding of the implementation of states climate-finance obligations to date.

Updated edition of the definitive guide to investment valuation tools and techniques Investment Valuation: Tools and Techniques for Determining the Value of Any Asset delves into valuation techniques for a variety of different asset classes including real options start-up firms unconventional assets distressed companies and private equity real estate and many more and explains how to choose the right model for any given asset valuation scenario. The models are presented with real-world examples so as to capture some of the problems inherent in applying these models with discussion of differences and common elements between the models to provide readers with a holistic understanding of the subject matter. Written by a professor of finance who is widely regarded as one of the best educators and thinkers on the topic of investment valuation this newly revised and updated Fourth Edition explores topics including: Understanding financial statements the basics of risk and tests and evidence for market efficiency Estimating risk parameters and costs of financing terminal value and equity value per share Using scenario analysis decision trees and simulations for probabilistic approaches in valuation Investment Valuation: Tools and Techniques for Determining the Value of Any Asset is an essential resource for all investors and students of financial markets seeking an all-in-one guide to expand their valuation knowledge and make better investment decisions.

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