The myth of the rational market: a history of risk, reward, and delusion on Wall Street [1st Harper Business pbk. ed] 978-0-06-188570-9, 0061885703

Examines the rise and fall of the efficient markets theory, the development of modern finance, and the rise of behaviora

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English Pages 390 Year 2011

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The myth of the rational market: a history of risk, reward, and delusion on Wall Street [1st Harper Business pbk. ed]
 978-0-06-188570-9, 0061885703

Table of contents :
Content: Introduction: It had been working so exceptionally well --
Early days: Irving Fisher loses his briefcase, and then his fortune
A random walk from Fred Macaulay to Holbrook Working --
The rise of the rational market: Harry Markowitz brings statistical man to the stock market
A random walk from Paul Samuelson to Paul Samuelson
Modigliani and Miller arrive at a simplifying assumption
Gene Fama makes the best proposition in economics --
The conquest of Wall Street: Jack Bogle takes on the performance cult (and wins)
Fischer Black chooses to focus on the probably
Michael Jensen gets corporations to obey the market --
The challenge: Dick Thaler gives economic man a personality
Bob Shiller points out the most remarkable error
Beating the market with Warren Buffett and Ed Thorp
Alan Greenspan stops a random plunge down Wall Street --
The fall: Andrei Shleifer moves beyond rabbi economics
Mike Jensen changes his mind about the corporation
Gene Fama and Dick Thaler knock each other out --
Epilogue: The anatomy of a financial crisis.

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