CEIS-Tor Vergata is pleased to inform you that, on Friday January 20th, 2012 at 12.00 pm, prof. Meir Statman (Santa Clara University) will present a paper on “What is Behavioral Finance?†The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 ABSTRACT Standard ï¬nance has four foundation blocks: (1) investors are rational; (2) markets are efficient; (3) investors should design their portfolios according to the rules of mean-variance portfolio theory and, in reality, do so; and (4) expected returns are a function of risk and risk alone. Behavioral ï¬nance offers an alternative block for each of the foundation blocks of standard ï¬nance. According to behavioral ï¬nance, investors are “normal,†not rational. Markets are not efficient, even if they are difficult to beat. Investors design portfolios according to the rules of behavioral portfolio theory, not mean-variance portfolio theory. And expected returns follow behavioral asset pricing theory, in which risk is not measured by beta and expected returns are determined by more than risk. I describe each of these building blocks of behavioral ï¬nance. Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 6798 (20120116) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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