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Irrational Exuberance Reconsidered: The Cross Section of Stock Returns

Irrational Exuberance Reconsidered: The Cross Section of Stock Returns

Hardcover

Series: Springer Finance

EconomicsInvesting & FinanceGeneral Mathematics

ISBN10: 3540140077
ISBN13: 9783540140078
Publisher: Springer Nature
Published: Jan 20 2004
Pages: 230
Weight: 1.03
Height: 0.73 Width: 6.40 Depth: 9.39
Language: English

Does the stock market overreact? Recent capital market turbulences have cast doubt whether the behaviour of stock markets is in line with rational investor behaviour. To which extent stock returns are predictable is the question at the heart of the controversy between the paradigms of rational asset pricing and behavioural finance. This new and revised edition discusses the empirical evidence from both perspectives. Theory and empirical analysis are blended with feedback from security analysts to offer a road towards a deeper understanding of the underlying forces to drive performance in the stock market.

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