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The New Finance: The Case Against Efficient Markets, 2/e

New Finance, The: The Case Against Efficient Markets 2e
(order desk copy)

Robert A. Haugen, University of California, Irvine

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.



Features | Table of Contents | Supplements


Features

In The New Finance, Second Edition, the author makes a case for the following points:

  • Players in today's stock market persistently make a fundamental mistake.
  • Those who recognize the mistake can build portfolios, or mutual funds, which will subsequently out-perform the market overages.
  • Owing to the mistake mentioned above, risky stocks will produce the lowest returns and safe stocks the highest.
  • Because of agency problems in the investment business, the opportunity that is there now is likely to remain there in the future.
  • Once the assertion that corporations face an inadequate capital market is accepted, many principles of corporate finance need to be revised.



Features | Table of Contents | Supplements | Top


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.



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Supplements

None


Features | Table of Contents | Supplements | Top



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