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The Inefficient Stock Market: What Pays Off and Why
 
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The Inefficient Stock Market: What Pays Off and Why [Paperback]

Robert A. Haugen (Author)
3.8 out of 5 stars  See all reviews (6 customer reviews)
Price: CDN$ 80.05 & this item ships for FREE with Super Saver Shipping. Details
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Product Description

Product Description

Sparked with wit and humor, this clever and insightful book provides clear evidence that the stock market is inefficient. In the author's view, models based on rational economic behavior cannot explain important aspects of market behavior. The book tackles important issues in today's financial market in a highly conversational and entertaining manner that will appeal to most readers. Chapter topics include: estimating expected return with the theories of modern finance, estimating portfolio risk and expected return with ad hoc factor models, payoffs to the five families, predicting future stock returns with the expected-return factor model, super stocks and stupid stocks, the international results, the topography of the stock market, the positive payoffs to cheapness and profitability, the negative payoff to risk, and the forces behind the technical payoffs to price-history. For anyone who wants to learn more about today's financial markets.

Book Info

Sparked with wit and humor, this clever and insightful book provides clear evidence that the stock market is inefficient. For anyone who wants to learn more about today's financial markets. Softcover.
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Customer Reviews

6 Reviews
5 star:
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4 star:
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3 star:
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Average Customer Review
3.8 out of 5 stars (6 customer reviews)
 
 
 
 
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5.0 out of 5 stars Good Analysis, Jun 7 2003
By A Customer
This review is from: The Inefficient Stock Market: What Pays Off and Why (Paperback)
The Inefficient Stock Market is a nice slap in the face to Modern Finance. Getting my MBA, i was always turned off by Portfolio Management Theory because of the unrealistic assumptions made on the onset (such as everyone being rational and everyone holding an efficient market portfolio). Mr. Haugen provides a great analysis and statistical evidence to show that many of those critical assumptions are in fact wrong.

He also provides an investment strategy of sorts that outperforms the S&P 500. All hedge fund managers should read this book.

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4.0 out of 5 stars Good accessible book on market inefficiencies., Dec 17 2001
By 
Tim Josling (Melbourne, Australia) - See all my reviews
(REAL NAME)   
Most investors would benefit from reading this book. It is a good overview of what is known about market inefficiencies and how they can be exploited.

For those who find it too down-market, he also has a weighty tome called "Modern Investment Theory" which is more thorough and more academic in tone. As an example, it describes how to combine Markowicz's techniques with factor models to exploit the inefficiencies more effectively than the approach suggested in 'What works on Wall St' etc.

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1.0 out of 5 stars Badly written book with lot of mistakes, Sep 9 2001
By A Customer
I think that CAMP, APT, etc aren't good for investors, but this book misleads them even more. There are several mistakes, and opposite data in various chapters.
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