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The Ineffecient Stock Market: What Pays off and Why

Personal Portfolio Management: Fundamentals and Strategies, 1/e
(order desk copy)

Robert A. Haugen, University of California, Irvine

Sparked with wry wit and humor that is sure to capture and sustain the interest of students, this clever and insightful text provides clear and undeniable evidence that the stock market is, in the author's view, inefficient - and that important aspects of market behavior cannot be explained by models based on rational economic behavior.



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Features

  • Tackles important issues in today's financial market in a highly conversational and entertaining manner that will appeal to most students, with relatively short, "punchy" paragraphs that entice readers to go on.
  • Provides clear explanations of the CAPM and the APT. (Chapter 2)
  • Discusses risk and expected return factor models. (Chapter 3)
  • Analyzes the characteristics of individual stocks that are associated with high returns. (Chapter 7)
  • Predicts international stock returns. (Chapter 8)
  • Considers why cheap, profitable, and low risk stocks tend to produce high returns. (Chapter 10 & 11)
  • Helps students learn how to measure the payoffs to stock characteristics (factors).
  • Looks into such areas as the payoffs to risk liquidity, profitability, and a stock's performance in past periods.
  • Takes readers into the land of "Super Stocks" - companies in a portfolio that are, on average, big, liquid, and wellknown.



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Table of Contents

1. Introduction.
I. WHAT.
2. Estimating Expected Return with the Theories of Modern Finance.
3. Estimating Portfolio Risk and Expected Return with Ad Hoc Factor Models.
4. Payoffs to the Five Families.
5. Predicting Future Stock Returns with the Expected-Return Factor Model.
6. Counterattack - The First Wave.
7. Super Stocks and Stupid Stocks.
8. The International Results.
II. WHY.
9. The Topography of the Stock Market.
10. The Positive Payoffs to Cheapness and Profitability.
11. The Negative Payoff to Risk.
12. The Forces Behind the Technical Payoffs to Price-History.
13. Counterattack - The Second Wave.
14. The Roads to Heaven and Hell.
15. The Wrong 20-Yard Line.



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Supplements

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