Review of Shleifer's Inefficient Markets

Jeffrey Zwiebel

Journal of Economic Literature, 2002, vol. 40, issue 4, 1215-1220

Abstract: This excellent book provides the reader with a broad introduction to, and a powerful advocacy of, behavioral finance. In the tradition of the best of the Clarendon Lecture Series, Andrei Shleifer provides a clear context and motivation for a collection of his influential ideas in this field, emphasizing central themes that link together the wide scope of this work. Topics include: investor sentiment, the limits of arbitrage, the closed-end fund puzzle, positive feedback investment, and both market overreaction and underreaction to news, as well as general discussions on the motivation for this research and promising future directions.

Date: 2002
Note: DOI: 10.1257/002205102762203602
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