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题名/责任者:

A crisis of beliefs : investor psychology and financial fragility / Nicola Gennaioli and Andrei Shleifer.

出版发行项:

Princeton : Princeton University Press, c2018

ISBN:

9780691182506

载体形态项:

x, 252 pages : illustrations ; 25 cm

变异题名:

Investor psychology and financial fragility

个人责任者:

Gennaioli, Nicola, author.

附加个人名称:

Shleifer, Andrei, author.

论题主题:

Economics-Psychological aspects.

论题主题:

Stockholders-United States-Attitudes.

论题主题:

Global Financial Crisis, 2008-2009-Psychological aspects.

中图法分类号:

F830.99

书目附注:

Includes bibliographical references (pages 231-244) and index.

内容附注:

The financial crisis of 2008 -- What were they thinking? -- A neglected risk model of the financial crisis -- Extrapolation in financial markets -- Representativeness and diagnostic beliefs -- Diagnostic expectations and credit cycles -- Open problems

摘要附注:

"How investor expectations move markets and the economy. The 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." --

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