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Review of Finance for Normal People by Meir Statman, Oxford University Press, 2017

Review of Finance for Normal People by Meir Statman, Oxford University Press, 2017 QRFM Book review 10,1 Review of Finance for Normal People by Meir Statman, Oxford University Press, 2017 By Meir Statman Finance for Normal People Oxford University Press, 2017 488 pp. £26.49, Hardcover ISBN: 9780190626471 Review DOI 10.1108/QRFM-09-2017-0090 Meir Statman, a pioneer of behavioural finance, brings us an overview of behavioural finance, “finance for normal people, like you and me.” Usually textbooks are written by good second-division researchers in the relevant subject, but this volume joins a small list of textbooks by those who founded their subdiscipline of our field (Fama and Miller, 1972; Watts and Zimmerman, 1986). Statman interprets the behavioural perspective as extending standard finance, with its intense focus on the utilitarian benefits of investment, to a broader canvas including two additional factors. The first is the expressive benefits of investments that arise from being part of an elite group of hedgies, or angel investors in an arthouse film. The second is the emotional benefit of investing in a good cause, such as a wind farm or a charity like Amnesty International Company. The book then interprets observed investment behaviour as the product of an investor’s utility function which sums these three elements of utility, utilitarian, expressive and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Qualitative Research in Financial Markets Emerald Publishing

Review of Finance for Normal People by Meir Statman, Oxford University Press, 2017

Qualitative Research in Financial Markets , Volume 10 (1): 3 – Feb 5, 2018

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1755-4179
DOI
10.1108/QRFM-09-2017-0090
Publisher site
See Article on Publisher Site

Abstract

QRFM Book review 10,1 Review of Finance for Normal People by Meir Statman, Oxford University Press, 2017 By Meir Statman Finance for Normal People Oxford University Press, 2017 488 pp. £26.49, Hardcover ISBN: 9780190626471 Review DOI 10.1108/QRFM-09-2017-0090 Meir Statman, a pioneer of behavioural finance, brings us an overview of behavioural finance, “finance for normal people, like you and me.” Usually textbooks are written by good second-division researchers in the relevant subject, but this volume joins a small list of textbooks by those who founded their subdiscipline of our field (Fama and Miller, 1972; Watts and Zimmerman, 1986). Statman interprets the behavioural perspective as extending standard finance, with its intense focus on the utilitarian benefits of investment, to a broader canvas including two additional factors. The first is the expressive benefits of investments that arise from being part of an elite group of hedgies, or angel investors in an arthouse film. The second is the emotional benefit of investing in a good cause, such as a wind farm or a charity like Amnesty International Company. The book then interprets observed investment behaviour as the product of an investor’s utility function which sums these three elements of utility, utilitarian, expressive and

Journal

Qualitative Research in Financial MarketsEmerald Publishing

Published: Feb 5, 2018

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