TAILIEUCHUNG - A SURVEY OF BEHAVIORAL FINANCE°

Professor de Meza draws attention to recent literature which indicates that, in the context of widespread behavioural biases, two modes of financial capability work appear to be the most promising. These are the use of 'norms', which means directing people to a particular action such as higher saving, and the use of active intervention by a councillor and/or individualised advice, rather than passive information or education. The FSA and government's Money Guidance Pathfinder programme will include individualised advice both face to face and over the phone, and evaluation of this programme will provide useful new evidence. | Chapter 18 A SURVEY OF BEHAVIORAL FINANCE NICHOLAS BARBERIS University of Chicago RICHARD THALER University of Chicago Contents Abstract 1052 Keywords 1052 1. Introduction 1053 2. Limits to arbitrage 1054 . Market efficiency 1054 . Theory 1056 . Evidence 1059 . Twin shares 1059 . Index inclusions 1061 . Internet carve-outs 1062 3. Psychology 1063 . Beliefs 1063 . Preferences 1067 . Prospect theory 1067 . Ambiguity aversion 1072 4. Application The aggregate stock market 1073 . The equity premium puzzle 1076 . Prospect theory 1077 . Ambiguity aversion 1080 . The volatility puzzle 1081 . Beliefs 1082 . Preferences 1084 5. Application The cross-section of average returns 1085 . Belief-based models 1090 We are very grateful to Markus Brunnermeier George Constantinides Kent Daniel Milt Harris Ming Huang Owen Lamont Jay Ritter Andrei Shleifer Jeremy Stein and Tuomo Vuolteenaho for extensive comments. Handbook of the Economics of Finance Edited by . Constantinides M. Harris and R. Stulz 2003 Elsevier Science All rights reserved 1052 N. Barberis and R. Thaler . Belief-based models with institutional frictions 1093 . Preferences 1095 6. Application Closed-end funds and comovement 1096 . Closed-end funds 1096 . Comovement 1097 7. Application Investor behavior 1099 . Insufficient diversification 1099 . Naive diversification 1101 . Excessive trading 1101 . The selling decision 1102 . The buying decision 1103 8. Application Corporate finance 1104 . Security issuance capital structure and investment 1104 . Dividends 1107 . Models of managerial irrationality 1109 9. Conclusion 1111 Appendix A 1113 References 1114 Abstract Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks limits to arbitrage which argues that it can be difficult for rational .

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