A Crisis of Beliefs (eBook)

Investor Psychology and Financial Fragility

Nicola Gennaioli, Andrei Shleifer (Autoren)

eBook Download: PDF

2018
264 Seiten
Princeton University Press (Verlag)
978-0-691-18492-0 (ISBN)

Infos

How investor expectations move markets and the economyThe collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks.Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people-and how financial and economic instability persist.A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters.

Autor

Nicola Gennaioli is professor of finance at Bocconi University in Italy. He lives in Milan. Andrei Shleifer is professor of economics at Harvard University. His books include Inefficient Markets: An Introduction to Behavioral Finance and The Grabbing Hand: Government Pathologies and Their Cures. He lives in Newton, Massachusetts.

Produkt-Details

• Erscheint lt. Verlag: 11.9.2018
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• Schlagworte: Adaptive Expectations • Ambiguity • Ambiguity Aversion • asset • bank run • Bankruptcy • Behavioral Economics • bribery • Cash Flow • Cognitive Bias • Collateralized Debt Obligation • Credit cycle • Credit spread (options) • debt • Debt Overhang • Default rate • Deflation • Deleveraging • Distressed Securities • dividend • Downside Risk • economic problem • Economics • expected loss • Externality • Extrapolation • Extreme risk • Finance • Financial Crisis • Financial crisis of 2007–08 • financial fragility • Financial institution • fire sale • Forecast Error • Forecasting • foreclosure • Fraud • Funding • Great Recession • Income Risk • inefficiency • inference • Inflation • Insolvency • insurance • Investment • Investor • Leverage Cycle • Leverage (finance) • Liquidity constraint • Liquidity Crisis • Loose Credit • Lucas critique • Market correction • market liquidity • Market Participant • Matthew Rabin • Maturity transformation • Misrepresentation • Moral Hazard • Negative equity • Negative relationship • Noise trader • Overreaction • Policy • Portfolio Insurance • Prediction • Probability • Probability of Default • Prospect Theory • Random Walk Hypothesis • Rational Expectations • Rational inattention • Real estate appraisal • real estate bubble • recapitalization • Recession • Reprice • Repurchase Agreement • reservation price • Revaluation of fixed assets • Risk • Risk Aversion • Risk Management • Risk Premium • Securitization • shortage • shortfall • solvency • Stewart Myers • Stochastic volatility • Stress Testing • Structured investment vehicle • Supply shock • Tail risk • Too big to fail • tranche • Unemployment • Upside risk • vulnerability
• ISBN-10: 0-691-18492-5 / 0691184925
• ISBN-13: 978-0-691-18492-0 / 9780691184920