Cover image for The new finance : the case against efficient markets
Title:
The new finance : the case against efficient markets
Author:
Haugen, Robert A.
Personal Author:
Edition:
Second edition.
Publication Information:
Upper Saddle River, N.J. : Prentice Hall, [1999]

©1999
Physical Description:
xi, 144 pages : illustrations ; 23 cm
Language:
English
ISBN:
9780130102287
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Central Library HG4915 .H383 1999 Adult Non-Fiction Central Closed Stacks
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Summary

Summary

A supplement for junior/senior and graduate level courses in Investments, Finance Theory, and related courses the Second Edition makes the case for the inefficient market, positioning the efficient market paradigm at the extreme end of a spectrum of possible states. It presents a comprehensive and organized collection of the evidence and the arguments which constitute a strong and persuasive case for over-reactive markets *Updates the expected 30-year future returns to growth and value stocks. Adds a much more comprehensive study of the international evidence on the relative returns to growth and value stocks. Includes a critique of the FAMA-the French three-factor model. Presents new evidence exploring how expensive stocks tend to have rapid trailing earnings growth but not rapid future growth. Offers new evidence demonstrating the nature of subsequent earnings revisions for cheap and expensive stocks. Adds a much more comprehensive study of the international evidence on the relative returns to growth and value stocks. Includes a critique of the FAMA: the French three-factor model. Presents new evidence exploring how expensive stocks tend to have rapid trailing earnings growth but


Table of Contents

1 Search for the Grail
2 The Old Finance
3 How Long is the Short Run?
4 The Ancient Finance
5 The Past and the Future
6 The Race Between Value and Growth
7 Surprise or Risk Premium?
8 ""V""
9 The Holy Grail
10 Dawn of the New Finance
11 Final Words
Glossary

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