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Inefficient Markets – An Introduction to Behavioral Finance - Oxford Scholarship Online
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Inefficient Markets: An Introduction to Behavioral Finance

Andrei Shleifer


This book describes an approach, alternative to the theory of efficient markets, to the study of financial markets: behavioural finance. It begins by assessing the efficient market hypothesis, emphasising how some of its foundations are contradicted by psychological and institutional evidence. It then introduces the theory of behavioural finance and devotes the rest of the book to explore its main aspects, concentrating on the role and characteristics of noise traders, arbitrageurs, and investors. Chapters 2 through 4 focus on the limits imposed on arbitrage by factors such as risk aversion or ... More

Keywords: arbitrage, behavioural finance, efficient markets, finance, financial markets, investor sentiment, noise trader

Bibliographic Information

Print publication date: 2000 Print ISBN-13: 9780198292272
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198292279.001.0001


Affiliations are at time of print publication.

Andrei Shleifer, author
Harvard University
Author Webpage