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Irrational Exuberance (平装)
by Robert J. Shiller
| Category:
Behavioral finance, Stock market, Wall Street, Investment banking, Popular economics |
| Market price: ¥ 168.00
MSL price:
¥ 148.00
[ Shop incentives ]
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
MSL Pointer Review:
In this well researched book, Shiller makes a strong case that markets are not efficient, but respond to crowd psychology
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AllReviews |
1 Total 1 pages 9 items |
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Library Journal (MSL quote), USA
<2008-04-08 00:00>
Taking his book's title and thesis from Alan Greenspan's 1996 description of investors, Shiller (economics, Yale Univ.) studies the current booming U.S. stock market in historical terms. His research into past U.S. and international markets indicates that during every speculative bubble there was always widespread consensus that high valuations were justified by each market's special circumstances. Every large market correction seemed to result from popular consensus rather than specific events or news. Shiller says that past bull and bear markets, though often based initially on sound fundamental reasoning, fed upon themselves to go beyond what the facts justified. He challenges the efficient market theory, demonstrating that markets cannot be explained historically by the movement of company earnings or dividends. He concludes that the current U.S. stock market is a speculative bubble awaiting correction. While the book certainly belongs in all academic business collections, public libraries should also purchase it as a counterweight to the plethora of get-rich-quick investment guides.
-Lawrence R. Maxted, Gannon Univ., Erie, PA
Copyright 2000 Reed Business Information, Inc. |
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The New York Times Book Review, Louis Uchitelle, USA
<2008-04-08 00:00>
No one has explored the strange behavior of the American investor in the 1990's with more authority, or better timing, than Robert J. Shiller. |
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John Cassidy, The New Yorker, USA
<2008-04-08 00:00>
During the past decade, he has emerged as a leader in the new field of "behavioral finance" which seeks to apply lessons learned from other academic disciplines, particularly psychology to economics. Irrational Exuberance is not just a prophecy of doom. Encompassing history, sociology, and biology, as well as psychology and economics, it is a serious attempt to explain how speculative bubbles come about and how they sustain themselves. |
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The Economist (MSL quote), USA
<2008-04-08 00:00>
Irrational Exuberance should be compulsory reading for anybody interested in Wall Street or financially exposed to it; at the moment that would be roughly everybody in the United States, from Alan Greenspan down to the proverbial shoe-shine boy. |
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Paul Krugman, The New York Times, USA
<2008-04-08 00:00>
Given the title of Mr. Shiller's book, you can guess the punch line. He makes a powerful case that the soaring stock market of recent years is a huge, accidental Ponzi scheme in progress, one that will come to a very bad end. The book actually focuses on the market broadly defined (most numbers are for the S.&P. 500), but it reads even better as a tale of the tech stocks. |
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Robert J. Samuelson, The Washington Post, USA
<2008-04-08 00:00>
Alan Greenspan faces long odds in trying to nudge the stock market to where he'd like it to go. The chairman of the Federal Reserve has argued that the buoyant market-by making Americans feel so much wealthier--has triggered a consumer spending spree that threatens inflationary wage pressures. The idea is to dampen spending and the ravenous appetite for stocks. Anyone who thinks this will be easy should read "Irrational Exuberance," a new book by Yale University economist Robert J. Shiller. Beyond arguing that the present market is a "speculative bubble," Shiller contends that investor psychology is so given to herd behavior that it's almost impossible to manipulate or even influence. The market can "go through significant mispricing lasting years or even decades. |
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David Warsh, Boston Globe, USA
<2008-04-08 00:00>
Thus it is an event of some significance that Shiller has written a crystal-clear and tough-minded critique of the factors that have driven US stock markets to their current levels and called his book ''Irrational Exuberance.'' In it, he argues that Federal Reserve chairman Alan Greenspan had it exactly right when he uttered the famous phrase in a speech in 1996. The current high levels of the market don't represent a consensus judg ment by a cadre of sober experts, says Shiller. Instead, today's market is sky high because of wishful thinking by millions of people, egged on by professionals in and around Wall Street whose incentives all run in the direction of the more the merrier. |
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The International Herald Tribune, USA
<2008-04-08 00:00>
The point of Irrational Exuberance is not to help investors dump their houses before the current exuberance fades. It is to deepen our understanding of the events we are watching as one bubble gives birth to another. |
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Michael Brennan, Anderson School of Management, USA
<2008-04-08 00:00>
This is an excellent book by a distinguished scholar. It raises an issue of the utmost importance for the U.S. economy and presents a persuasive case that the U.S. stock market may be significantly overvalued. It is well written for a popular as well as a professional readership. |
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1 Total 1 pages 9 items |
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