Abstract
As compared to approaches relying predominantly on the neoclassical rationality presumption, behavioral and emotional studies provide important insights about how bubbles and crashes evolve and dissolve. The review of biases, herding, anomalies, and other such features presented here provide an important bridge to the approach developed in later chapters.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Ackert, L. F., and Athanassakos, G. (2000). “Institutional Investors, Analyst Following, and the January Anomaly,” Journal of Business Finance & Accounting, 27(3–4) April–May.
Adriani, F., and Deidda, L. G. (2004). “Few Bad Apples or Plenty of Lemons: Which Makes It Harder to Market Plums?” Working Paper CRENoS 200413, Cagliari, Italy: Centre for North South Economic Research. Available at www.crenos.it/working/pdf/04-13.pdf).
Akerlof, G. A. (2002). “Behavioral Macroeconomics & Macroeconomic Behavior,” American Economic Review, 92(3)(June).
Alevy, J. E., Haigh, M.S., List, J. A. (2007). “Information Cascades: Evidence from a Field Experiment with Financial Market Professionals,” Journal of Finance, 62(1)(February).
Ang, A. and Chen, J. (2002). “Asymmetric Correlations of Equity Portfolios,” Journal of Financial Economics, Journal of Financial Economics, 63(3).
Ariel, R. A. (1987). “A Monthly Effect in Stock Returns,” Journal of Financial Economics, 18(1).
Ariely, D. (2008). Predictably Irrational: The Hidden Forces that Shape Our Decisions. New York: HarperCollins.
Arnott, R. D. (2004). “Blinded by Theory?,” Institutional Investor, October and Journal of Portfolio Management, 30th Anniversary Issue.
Asness, C., Moskowitz, T., and Pedersen, L. (2013). “Value and Momentum Everywhere,” Journal of Finance, 68(3).
Asparouhova, E., Bossaerts, P., and Tran, A. (2011). “Market Bubbles and Crashes as an Expression of Tension between Social and Individual Rationality: Experiments,” Working Paper, Unversity of Utah.
Bailey, R. E. (2005). The Economics of Financial Markets. Cambridge, UK: Cambridge University Press.
Barberis, N., and Thaler, R. (2002). “A Survey of Behavioral Finance,” in Handbook of the Economics of Finance, Constantinides, G. M., Harris, M., and Stulz, R. M. (2003), eds.. Amsterdam: Elsevier Science, Ltd., and also in Thaler (2005).
Barnett, W. A., and Serletis, A. (2000). “Martingales, Nonlinearity, and Chaos,” Journal of Economic Dynamics and Control, vol. 24, pp. 703–724, and available at http://wuecon.wustl.edu/~barnett/Papers.html.
Berger. J. (2016). Contagious: Why Things Catch On. New York: Simon & Schuster paperback ed.
Bernstein, W. J. (2010). “Of Laws, Lending, and Limbic Systems,” Financial Analysts Journal, 66(1)January/February.
Bikhchandani, S., Hirshliefer, D., and Welch, I. (1992). “A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades,” Journal of Political Economy, 100(5)(October).
Blakeslee, S. (2003). “Brain Experts Now Follow the Money,” New York Times, June 17.
Bogle, J. C. (2008). “Black Monday and Black Swans,” Financial Analysts Journal, 64(2)(March/April).
Booth, D. G. and Keim, D. B. (2000). “Is There Still a January Effect?,” in Keim, D. B. and W. T. Ziemba, eds., Security Market Imperfections in Worldwide Equity Markets (Cambridge University Press).
Brav, A. and Heaton, J. B. (2002). “Competing Theories of Financial Anomalies,” Review of Financial Studies, 15(2).
Burnham, T. C. (2008). Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality, rev. ed. Hoboken, NJ: Wiley.
———. (2007). “High-Testosterone Men Reject Low Ultimatum Game Offers,” Proceedings of the Royal Society B, 274(1623)(September 22).
Camerer, C. F., Lowenstein, G., and Rabin, M., eds. (2004). Advances of Behavioral Economics. Princeton, NJ: Princeton University Press (Russell Sage Foundation).
Capen, E. C., Clapp, R. V., and Campbell, W. M. (1971). “Competitive Bidding in High-Risk Situations,” Journal of Petroleum Technolgy, 23, June.
Cassidy, J. (2009a). How Markets Fail: The Logic of Economic Calamities. New York: Farrar, Straus and Giroux.
———. (2006). “Mind Games: What Neuroeconomics Tells Us about Money and the Brain,”The New Yorker, September 18.
Cecchetti, S. G., Lam, P. K., and Mark, N. C. (1990). “Mean Reversion in Equilibrium Asset Prices,” American Economic Review, 80(3)(June).
Christie, W. and Huang, R. (1995). “Following the Pied Piper: Do Individual Returns Herd Around the Market?,” Financial Analysts Journal, 51(4)(July/August).
Coates, J. (2012a). “The Biology of Bubble and Crash,” New York Times, June 10.
———. (2012b). The Hour Between Dog and Wolf: Risk Taking, Gut Feelings, and the Biology of Boom and Bust. New York: Penguin.
Cochrane, J. H. (2011). “Discount Rates,” Journal of Finance, 66(4) (August).
———. (2003). “Stocks as Money: Convenience Yield and the Tech Stock Bubble,” in Hunter et al. (2003 [2005]).
Conlisk, J. (1996). “Why Bounded Rationality?,” Journal of Economic Literature, 34.
Cooper, G. (2008). The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy. New York: Vintage paperback; UK: Harriman House.
Cowen, T. (2006). “Enter the Neuro-Economists: Why Do Investors Do What They Do?,” New York Times, April 20.
Cutler, D. M., Poterba, J. M., and Summers, L. H. (1989). “What Moves Stock Prices?,” Journal of Portfolio Management, 15(3)(Spring).
De Bondt, W. (2012). “Asset Bubbles: Insights from Behavioral Finance,” in Evanoff et al. (2012).
———. (1995). “Investor Psychology and the Dynamics of Security Prices,” in Behavioral Finance and Decision Theory in Investment Management. Charlottesville, VA: Association for Investment Management and Research.
De Bondt, W., and Thaler, R. (1986). “Does the Stock Market Overreact?” Journal of Finance, 60.
Dhami, S. (2016). The Foundations of Behavioral Economic Analysis. New York: Oxford University Press.
Dichev, I. D., and Janes, T. D. (2003). “Lunar Cycle Effects in Stock Returns,” Journal of Private Equity, 6(4). Available at http://ssrn.com/abstract=281665.
Dimson, E., Marsh, P., and Staunton, M. (2002a). “Global Evidence on the Equity Risk Premium,” Journal of Applied Corporate Finance, (September).
Erb, C., Harvey, C., and Viskanta, T. (1994). “Forecasting International Equity Correlations,” Financial Analysts Journal, 50(6)(November/December).
Evanoff, D. D., Kaufman, G. G., and Malliaris, A. G., eds. (2012). New Perspectives on Asset Price Bubbles: Theory, Evidence, and Policy. New York: Oxford University Press.
Fama, E. F. (1998). “Market Efficiency, Long Run Returns, and Behavioral Finance,” Journal of Financial Economics, 49.
Fama, E. F., and French, K. (2016). “Dissecting Anomalies with a Five-Factor Model,” Review of Financial Studies, 29(1)(January).
Forbes, W. (2009). Behavioural Finance. Chickester, U.K. Wiley.
Forsyth, R. W. (2009). “Autumnal Equinox – Paul Montgomery,” Barron’s, September 22.
Fraser-Sampson, G. (2014). The Pillars of Finance: The Misalignment of Finance Theory and Investment Practice. New York: Palgrave Macmillan.
Frazzini, A., and Pederson, L. H. (2014). “Betting Against Beta,” Journal of Financial Economics, 111(1)(January).
French, K. R. (1980). “Stock Returns and the Weekend Effect,” Journal of Financial Economics, 81(1).
Friesen, G. C., Weller, P. A., and Dunham, L. M. (2009). “Price Trends and Patterns in Technical Analysis: A Theoretical and Empirical Examination,” Journal of Banking & Finance, 33 (6)(June).
Frydman, R., and Goldberg, M.D. (2011). Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State. Princeton, NJ: Princeton University Press.
Funke, N., and Matsuda, A. (2006). “Macroeconomic News and Stock Returns in the United States and Germany,” German Economic Review, 7(2)(May).
Futia, C. (2009). The Art of Contrarian Trading: How to Profit from Crowd Behavior in the Financial Markets. Hoboken, NJ: John Wiley & Sons.
Gao, L., and Schmidt, U. (2005). “Self is Never Neutral: Why Economic Agents Behave Irrationally,” Journal of Behavioral Finance, 6(1).
Garrett, I., Kamstra, M. J., and Kramer, L. A. (2005). “Winter Blues and Time Variation in the Price of Risk,” Journal of Empirical Finance, 12(2)(March).
Glimcher, P. W. (2003). Decisions, Uncertainty, and the Brain: The Science of Neuroeconomics. Cambridge, MA: MIT Press.
Goetzmann, W. N. (1993). “Patterns in Three Centuries of Stock Market Prices,” Journal of Business, 66(April).
Goetzmann, W. N., Kim, D.,and Wang, Q. (2015). “Weather-Induced Mood, Institional Investors, and Stock Returns.” Review of Financial Studies, 28(1).
Goode, E. (2002). “On Profit, Loss and the Mysteries of the Mind,” New York Times, November 5.
Gray, W. R., and Vogel, J. R. (2016). Quantitative Momentum. Hoboken, NJ: Wiley.
Greenspan, A. (2013). The Map and the Territory: Risk, Human Nature, and the Future of Forecasting. New York: Penguin.
———. (2007). The Age of Turbulance: Adventures in a New World. New York: Penguin.
Greenwald, B. C., Kahn, J., Bellissimo, E., Cooper, M. A., and Santos, T. (2021). Value Investing: From Graham to Bubbett and Beyond, 2nd ed. Hoboken, NJ: Wiley.
Gromb, D. and Vayanos, D. (2010). “Limits of Arbitrage,” Annual Review of Financial Economics, (2)(December).
Hall, R. E. (2001). “Struggling to Understand the Stock Market,” American Economic Review, May, 91, No. 2 (May).
Haug, M., and Hirschey, M. (2006). “The January Effect,” Financial Analysts Journal, 62(5)
Hensel, C.. R., Sick, G. A., and Ziemba, W. T. (2000). “A Long Term Examination of the Turn-of-the-Month Effect in the S&P 500,” in D. B. Keim and W. T. Ziemba (2000), eds., Security Market Imperfections in Worldwide Equity Markets.
Hensel, C. R., and Ziemba, W. T. (2000). “Anticipation of the January Small Firm Effect in the US Futures Markets,” in D. B. Keim and W. T. Ziemba (2000), eds., Security Market Imperfections in Worldwide Equity Markets.
Hirshleifer, D., and Shumway, T. (2003). “Good Day Sunshine: Stock Returns and the Weather,” Journal of Finance, 58(3).
Hotz, R L. (2008). “Testosterone May Fuel Stock-Market Success, or Make Traders Tipsy,” Wall Street Journal, April 18.
Hou, K., Xue, C., and Zhang, L. (2015). “Digesting Anomalies: An Investment Approach,” Review of Financial Studies, 28(3)(March).
Hulbert, M. (2017). “Sorry, the ‘January Barometer’ Is a Market Myth,” Wall Street Journal, January 9.
———. (2016). “Why Large Stocks Wake Up at This Time of Year,” Wall Street Journal, October 10.
Hunter, W. C., Kaufman, G.G., and Pomerleano, M., eds. (2003). Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies. Cambridge, MA: MIT Press. , Paperback edition, 2005.
Jacobsen, B., and Bouman, S. (2002). “The Halloween Indicator, ‘Sell in May and Go Away’” Another Puzzle,” American Economic Review, 92(5)(December).
Jaffe, C. (2019). “The Keeper of the Presidential Cycle,” Wall Street Journal, November 4.
Jegadeesh, N. (1990). “Evidence of Predictable Behavior of Security Returns,” Journal of Finance, 45(3)(July).
Jegadeesh, N., and Titman, S. (1993). “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency,” Journal of Fiinance, 48(1)(March).
Joulin, A., Lefevre, A., Grunberg, D., and Bouchaud, J-P. (2008). “Stock Price Jumps: News and Volume Play a Minor Role,” Physics and Society, (March). Available at www.arxiv.org/abs/0803.1769 and Wilmott, Sept/Oct 2008.
Kahneman, D. (2013). Thinking, Fast and Slow. New York: Farrar, Straus and Giroux.
Kahneman, D., and Tversky, A. (2000). Choices, Values and Frames. Cambridge, UK: Cambridge University Press.
———. (1979). “Prospect Theory: An Analysis of Decision Under Risk,” Econometrica, 47.
Kahneman, D., Sibony, O., and Sunstein, C. R. (2021). Noise: A Flaw in Human Judgement. New York: Hachette.
Kaminsky, G. L. and Reinhart, C. (2000). “On Crises, Contagion, and Confusion, Journal of International Economics, 51(1).
Kaminsky, G. L., Reinhart, C., and Végh, C. A. (2003). “The Unholy Trinity of Financial Contagion,” Journal of Economic Perspectives, 17(4).
Kamstra, M. L., Kramer, L., and Levi, M. (2003). “Winter Blues: A SAD Stock Market Cycle,” American Economic Review, 93(1).
Kaplanski, G., Levy, H., Veld, C., and Veld-Merkoulova, Y. (2015). “Do Happy People Make Optimistic Investors?,” Journal of Financial and Quantititative Analysis, 50(1–2)(April).
Kay, J., and King, M. (2020). Radical Uncertainty: Decision-Making Beyond the Numbers. New York: W. W. Norton.
Keim, D. B., and Ziemba, W. T., eds. (2000). Security Market Imperfections in Worldwide Equity Markets. Cambridge, UK: Cambridge University Press.
Keloharju, M., Linnainmaa, J. T., and Nyberg, P. (2016). “Return Seasonalities,” Journal of Finance, 71(4)(August).
Kim, K. A., and Nofsinger, J. R. (2007). “The Behavior of Japanese Individual Investors During Bull and Bear Markets,” Journal of Behavioral Finance, 8(3)(August).
Krivelyova, A., and Robotti, C. (2003). “Playing the Field: Geomagnetic Storms and the Stock Market,” Working Paper 2003–5b, Federal Reserve Bank of Atlanta, available at: http://www.frbatlanta.org/filelegacydocs/wp0305b.pdf.
Kuran, T., and Sunstein, C. R. (1999). “Availability Cascades and Risk Regulation,” Stanford Law Review, 51(4)(April).
Lakonishok, J., Shleifer, A., and Vishny, R. W. (1992). “The Impact of Institutional Trading on Stock Prices, “ Journal of Financial Economics, 32(1).
LeDoux, J. E. (2004). The Emotional Brain, paperback ed. London: Orion Books.
Lehrer, J. (2009). How We Decide. Boston: Houghton Mifflin Harcourt.
Lehmann, B. N. (1990). “Fads, Martingales, and Market Efficiency,” Quarterly Journal of Economics, 105(1)(February).
Levy, A. (2006). “Mapping the Traders’ Brain,” Bloomberg Markets Magazine, March.Available at: http://www-psych.stanford.edu/~span/Press/neurofinance.pdf.
Li, X., Sullivan, R. N., and Garcia-Feijóo, L.(2016). “The Low-Volatility Anomaly: Market Evidence on Systematic Risk vs. Mispricing,” Financial Analysts Journal, 72(1)(January/February).
Lichtenstein, S., and Slovic, P (1973). “Response Inuced Reversals of Preference in Gambling: An Extended Replication in Las Vegas,,” Journal of Experimental Psychology, 101((1).
Lo, A. (2017). Adaptive Markets: Financial Evolution at the Speed of Thought. Princeton, NJ: Princeton University Press.
Loewenstein, G. F. (2000). “Emotions in Economic Theory and Economic Behavior,” American Economic Review 90(2).
Loewenstein, M., and G. A. Willard (2006). “The Limits of Investor Behavior,” Journal of Finance, 61(1)(January).
Mackay, C. (1841). Extraordinary Popular Delusions and the Madness of Crowds (1995 ed). New York: John Wiley & Sons.
Manne, H. G. (2006). “Efficient Markets,” The Welfare of American Investors. Available at www.wku.edu/~brian.goff/Efficient%20Markets%20Manne.doc.
Mauboussin, M. J. (2006). More Than You Know: Finding Financial Wisdom in Unconventional Places. New York: Columbia University Press.
McConnell, J. J., and Xu, W. (2008). “Equity Returns at the Turn of the Month,” Financial Analysts Journal, 64(2)(March/April).
Miffre, J., and Rallis, G. (2007). “Momentum Strategies in Commodity Futures Markets, Journal of Baning and Finance, 31.
Milgrom, P., and Stokey, N. (1982). “Information, Trade and Common Knowledge,” Journal of Economic Theory, 26.
Montier, J. (2002). Behavioural Finance: Insights into Irrational Minds and Markets. Chichester, UK and Hoboken, NJ: Wiley.
Nofsinger, J. R., and Sias, R. W. (1999). “Herding and Feedback Trading by Institutional and Individual Investors,” Journal of Finance, 53.
Novy-Marx, R. (2014). “Predicting Anomaly Performance with Politics, the Weather, Global Warming, Sunspots, and the Stars,” Journal of Financial Economics, 112(2)(May).
Odean, T. (1998). “Volume, Volatility, Price, and Profit When all Traders Are Above Average,” Journal of Finance, 53 (6).
Ogaki, M., and Tanaka, S. C. (2017). Behavioral Economics. Singapore: Springer Nature.
Parisi, F., and Smith, V. L., (2005), eds. The Law and Economics of Irrational Behavior. Stanford (CA): Stanford University Press.
Patel, J., Zeckhauser, R., and Hendricks, D. (1991). “The Rationality Struggle: Illustrations from Financial Markets,” American Economic Review, 81.
Peters, E. E. (1994). Fractal Market Analysis: Applying Chaos Theory to Investment and Economics. New York: Wiley.
Peterson, R. L. (2007). Inside the Investor’s Brain: The Power of Mind Over Money. Hoboken, NJ: Wiley.
Pixley, J. (2012).Emotions in Finance: Booms, Busts and Uncertainty, 2nd ed. Cambirdge University Press: Cambridge, UK.
Poundstone, W. (2010). Priceless: The Myth of Fair Value. New York: Hill and Wang (Farrar, Straus and Giroux).
Pradeep, A. K. (2010). The Buying Brain: Secrets to Selling to the Subconscious Mind. Hoboken, NJ: Wiley.
Prechter, R. R, Jr. (2016). The Socionomic Theory of Finance. Gainsville, GA: Socionomics Institute Press.
———. (2009). Conquer the Crash. Hoboken, NJ: Wiley.
———. (2004).”The Fractal Nature of the Stock Market,” in The Colours of Infinity: The Beauty, and Power of Fractals. London: Clear Books.
———. (2001). “Unconscious Herding Behavior as the Psychological Basis of Financial Market Trends and Patterns,” Journal of Psychology and Financial Markets,” 2(3).
———. (1999). The Wave Principle of Human Social Behavior and the New Science of Socionomics. Gainsville, GA: New Classics Library.
———. (1995 [2001]). At the Crest of the Tidal Wave. Gainsville, GA: New Classics Library.
Prechter, R. R., Jr., and Parker, W. D. (2007). “The Financial/Economic Dichotomy in Social Behavioral Dynamics: The Socionomic Perspective,” Journal of Behavioral Finance, 8(1).
Richardson, K. (2004). “Friday’s a Good Day for Bad News After All,” Wall Street Journal, September 24.
Richardson, S., Sloan R., and You, H. (2012). “what Makes Stock Prices Move? Fundamentals vs. Investor Recognition,” Financial Analysts Journal, 68(2)(March/April).
Roll, R. (1988). “R2”, Journal of Finance, 43(3)
———. (1984). “Orange Juice and Weather,” American Economic Review, 74.
Romer, D. H. (1993). “Rational Asset-Price Movements Without News,” American Economic Review, 83(5).
Rosenberg, M. (2004). “The Monthly Effect in Stock Returns and Conditional Heteroscedasticity,” The American Economist, XLVIII(2)(Fall).
Rozeff, M. S., and Kinney, W. R., Jr. (1976). “Capital Market Seasonality: The Case of Stock Returns,” Journal of Financial Economics, 3(4).
Samuelson, W., and Zeckhauser, R. (1988). “Status Quo Bias in Decision Making,” Journal of Risk and Uncertainty, 1.
Santilli, P. (2021). “Evergrande Pressures an Overheated Bubble,” Wall Street Journal, October 4.
Sarubbi, B. (2017). “Is There Something Special About September 22?.” Forbes, September 22.
Saunders, E. M., Jr. (1993). “Stock Prices and Wall Street Weather,” American Economic Review, 83(5)(December).
Scherbina, A., and Schlusche, B. (2014). “Asset Price Bubbles: A Survey,” Quantitative Finance, 14(4) (April).
Scharfstein, D. S., and Stein, J. C. (1990). “Herd Behavior and Investment,” American Economic Review, 90(3)(June).
Shefrin, H.(2016). Behavioral Risk Management:Managing the Psychology That Drives Decisions and Influences Operational Risk. New York: Palgrave Macmillan.
———. (2002). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. New York: Oxford University Press.
Shefrin, H., and Statman, M. (1985). “The Disposition to Sell Winners Too Early and Ride Losers Too Long,” Journal of Finance, 40.
Shermer, M. (2008). The Mind of the Market. New York: Times Books (Henry Holt).
Shiller, R. J. (2019). Narrative Economics: How Stories Go Viral & Drive Major Economic Events. Princeton, NJ.: Princeton University Press.
———. (2002). “Bubbles, Human Judgement and Expert Opinion,” Financial Analyst Journal, 58(3)(May/June).
Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioral Finance. Oxford, UK: Oxford University Press.
Sias, R. (2007). “Causes and Seasonality of Momentum Profits,” Financial Analysts Journal, 63(2)(March/April).
Sirri, E. R., and Tufano, P. (1998). “Costly Search and Mutual Fund Flows,” Journal of Finance 53.
Sloan, R. G. (1996).”Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings,“ Accounting Review, July 7(3).
Sornette, D. (2003a). Why Stock Markets Crash: Critical Events in Complex Financial Systems. Princeton, NJ: Princeton University Press.
Statman, M. (1999). “Behavioral Finance: Past Battles and Future Engagements,” Financial Analysts Journal, 55(6)(November/December).
———. (1995). “Behavioral Finance versus Standard Finance,” in Behavioral Finance and Decision Theory in Investment Management. Charlottesville, VA: Association for Investment Management and Research.
Stix, G. (2009). “The Science of Bubbles & Busts,” Scientific American, July.
Strogatz, S. (2003). Sync: The Emerging Science of Spontaneous Order. New York: Hyperion.
Surowiecki, J. (2004). The Wisdom of Crowds. New York: Doubleday.
Taleb, N. N. (2005). Fooled by Randomness, 2nd paperback ed. New York: Random House.
Taranto, J. (2016). “Dilbert Explains Donald Trump,” Wall Street Journal, August 20.
Tetlock, P. (2011). “All the News That’s Fit to Reprint: Do Investors React to Stale Information?,” Review of Financial Studies, January.
Thaler, R., H. (2015). Misbehaving: The Making of Behavioral Economics. New York: W.W. Norton.
———. ed. (2005). Advances in Behavioral Finance, vol. II. Princeton, NJ: Princeton University Press.
———. (1992). The Winner’s Curse: Paradoxes and Anomalies of Economic Life. Princeton (N.J.): Princeton University Press.
Thaler, R., and Johnson, E. (1990). “Gambling with the House Money and Trying to Break Even,” Managemement Science, 36(6)(June).
Topol, R. (1991). “Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion,” The Economic Journal, 101(407)(July)
Tuckett, D. (2011). Minding the Markets: An Emotional Finance View of Financial Instability. London: Palgrave Macmillan.
Tvede, L. (1999). The Psychology of Finance. Chichester, UK: Wiley.
Tversky, A., and Kahneman, D. (1981). “The Framing of Decisions and the Psychology of Choice,” Science, 211(January).
———. (1974). “Judgment Under Uncertainty: Heuristics and Biases,” Science. (January).
Vaga, T. (1990). The Coherent Market Hypothesis,” Financial Analysts Journal, 45(6)(November/December).
Varian, H. R. (2005). “Five Years After Nasdaq Hit Its Peak, Some Lessons Learned,” New York Times, March 10.
Veblen, T. (1899). The Theory of the Leisure Class. New York: Macmillan. (Paperback, New American Library, 1953.)
Wachtel, S. B. (1942). “Certain Observations on Seasonal Movements in Stock Prices,” Journal of Business, 15(2)(April).
Wallace, C. (2010). “Mind Over Markets,” Institutional Investor, May.
Warneryd, K.- E. (2001). Stock Market Psychology: How People Value and Trade Stocks. Cheltenham, UK: Elgar.
Weber, M., and Camerer, C. (1998). “The Disposition Effect in Securities Trading: An Experimental Analysis,” Journal of Economic Behavior and Organization 33.
Wilmott, P., and Orrell, D. (2017). The Money Formula: Dodgy Finance, Psuedo Science, and How Mathematicians Took Over the Markets. Hoboken, NJ: Wiley.
Xie, H., Qin,Q, and Wang, S. (2016). “The Halloween Effect a New Puzzle? Evidence from Price Gap,” Review of Economics and Finance, 6(November).
Youssefmir, M., Huberman, B. A., and Hogg, T. (1998). “Bubbles and Market Crashes,” Computational Economics 12.
Yuan, K., Zheng, L., and Zhu, Q. (2006). “Are Investors Moonstruck? Lunar Phases and Stock Returns,” Journal of Empirical Finance, 13(1).
Ziemba, R. E. S., and Ziemba, W. T. (2007). Scenarios for Risk Management and Global Investment Strategies. Chichester, UK: Wiley.
Ziemba, W. T., ed. (2012). Calendar Anomalies and Arbitrage. Hackensack, NJ and Singapore: World Scientific.
Zweig, J. (2018). “What Investors Can Learn From Gamblers,” Wall Street Journal, October 27.
———. (2010). “So That’s Why Investors Can’t Think for Themselves,” Wall Street Journal, June 19.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2021 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Vogel, H.L. (2021). Behavioral Beats. In: Financial Market Bubbles and Crashes. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-79182-7_5
Download citation
DOI: https://doi.org/10.1007/978-3-030-79182-7_5
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-79181-0
Online ISBN: 978-3-030-79182-7
eBook Packages: Economics and FinanceEconomics and Finance (R0)