1. Are Financial Markets Efficient? -- 2. Noise Trader Risk in Financial Markets -- 3. The Closed End Fund Puzzle -- 4. Professional Arbitrage -- 5. A Model of Investor Sentiment -- 6. Positive Feedback Investment Strategies -- 7. Open Problems
Summary
The Efficient Markets Hypothesis has been the central proposition of finance for nearly 30 years. This book, by one of the foremost US economists, presents an alternative view of financial markets: behavioral finance