Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
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Summary<br />
<br />
<br />
<br />
<br />
Comprehensive SDF-based behavioural <strong>asset</strong><br />
<strong>pricing</strong> model brings together the best of what<br />
neoclassical and behavioural <strong>asset</strong> <strong>pricing</strong><br />
has to offer.<br />
Behavioural beliefs, behavioural preferences,<br />
neoclassical beliefs, neoclassical preferences.<br />
Markets aggregate pdfs, not moments.<br />
Behavioural SDF-based theory predicts how<br />
shape of SDF reflects behavioural traits of<br />
investors.<br />
Copyright Hersh <strong>Shefrin</strong> <strong>2008</strong><br />
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