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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۴ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H722
سال نشر: ۲۰۲۱
نام ناشر (پایگاه داده): الزویر
نام مجله: Materials Today: Proceedings
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۴ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۱ : فرضیات بازار کارآمد برای مالی رفتاری: مروری بر منطقی بودن تا بی منطقی
عنوان کامل انگلیسی:
Efficient Market Hypothesis to Behavioral Finance: A Review of Rationality to Irrationality
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Abstract
This paper focuses on a complete review of the evolution of Efficient Market Hypothesis and Behavioral Finance. The main purpose of the paper is to understand how the traditional finance theories (EMH) failed in understanding the market anomalies and the human behaviour involved in investment decision making process. Further, the study attempts to understand the evolution of a novel discipline Behavioral Finance. The review and discussion of literature is mainly divided into two sections – evolution of Efficient Market Hypothesis (EMH) and studies providing evidences on the failure of EMH; studies on the evolution of Behavioral Finance and studies of investor behaviour. The study found that EMH theory was one the dominant theory conceptualised by Eugene Fama during 19600s. The EMH model became a prominent financial model explaining the stock market behaviour in 1970’s i.e. first decade of its conception and was widely considered as the best model by the investment community in large. The 1980s is a very significant decade, where several studies provoked to question the validity of EMH. The study also focused on highlighting the gaps in the concept of market efficiency and bridged the gap with a contemporary approach of Behavioral Finance.
Keywords: Behavioural finance, Efficient market hypothesis, Market efficiency
۱.Introduction
Finance is a discipline which deals with two major activities, firstly how to acquire money and secondly, making appropriate decisions in allocating and managing money efficiently. A good decision making plays a key role in finance function, it is startling that the theme of decision making is prevalent in many other disciplines like psychology, political science, mathematics, statistics, economics and sociology [1]. The expected utility theory [2], states the choice of decision maker between risky and uncertain prospects by comparing the utility values of their available alternatives. Later, it categorize the decision makers into ‘‘risk takers”, ‘‘risk averse” & ‘‘risk neutral” individuals. The theory attempts to explain how the utility function varies among the three categories of decision makers. Therefore, the expected utility theory was considered as one of the breakthroughs to understand the individual’s decision making. With the enormous contribution of this theory to the field of economics, mid eighteenth century was considered as the era to an onset of Classical period of economics [3]. In 1844, J S Mill introduced the concept of rationality and described ‘‘homo economicus”, who attempts to optimize his economic welfare with the available resources and limitations. This concept forms the central assumption for most of the economic theories [4]. The traditional finance school of thoughts are based on economic theories of decision making. The arbitrage principles of [5], the EMH of [6], the portfolio principles [7], the CAPM of William Sharpe (1964), Treynor (1961) and John Linter (1965) [8] and Option Pricing Theory developed by [9] are considered as the pillars which formed the body of knowledge of traditional finance [10]. These theories modernized the study of finance. They are based on certain premises which includes: rationality, highly efficient financial markets, analytical and normative investors and lastly, investors are assumed to be risk averse. For an extended period of time, economists believed that traditional finance theories are free from error, as the theories assumed investors think rationally and make appropriate investment decisions [11]…
۴.Conclusion
Behavioural Finance integrates sociology and psychology with finance discipline. This novel discipline has led to gain more insights into the financial markets. The EMH theory was based on the premise of rationality. The assumption of rationality can be considered as a major drawback of EMH, resulting in market anomalies. The anomalies resulted either because of under reaction or over reaction of the investors [35]. Behavioural Finance aims analyse these anomalies by explaining what, why and how of investment from human perspective [4]. BF theories helps the finance professionals’ to1identify their own mistakes related to investment / financial decision making and that of others. However, to capture the essence of behavioural finance, an investor has to reflect it on his own investment decision and gain proficiency in it [36]. As a result, finance professionals can gain a deeper understanding of the emotional drivers of their own investment decisions and that of their clients, and apply their professional practice to achieve better rational decisions. Therefore, with the increasing volatility of financial markets, the research on behavioural finance becomes the need of an hour.
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