[share_ebook] Corporate Finance: Theory and Practice, 2nd edition


Author: Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, Antonio Salvi

Date: 2009

ISBN: 0470721928

Pages: 1059

Language: English

Publisher: Wiley

Format: pdf

Category: Business

Tag: Business & Investing


Posted on 2010-09-24, by mmortal.

Description

For some Vernimmen readers, this will be your first financial crisis. It’s not the first we’ve seen and it won’t be the last. One thing we can be sure of, though, is that as long as the human species continues to inhabit planet Earth, we will continue to see the rise of speculative bubbles which will inevitably burst and financial crises will follow, as sure as night follows day. Human nature being what it is, we are not cold, disembodied, perfectly rational beings as all of those very useful but highly simplified models would have us believe. Human beings are often prone to sloth, greed and fear, three key elements for creating a fertile environment in which bubbles and crises flourish. Behavioural finance (see p. 274) does make it easier to create more realistic models of choices and decisions made by individuals and to predict the occurrence of excessive euphoria or irrational gloom or to explain it after it has occurred (which is always easier!). But behavioural finance is in its infancy and researchers in this field still have a lot of work ahead of them. The origin of the financial crisis that began in 2007 is a textbook case. What we have here are greedy investors seeking increasingly higher returns, who are never satisfied when they have enough and always want more. It’s a pity that there are people like that about, but there you go.

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